According to CoinGlass, ETH open interest stood at more than $7.6 billion as of Friday. Among them, the open interest on Binance exceeded $3 billion, second only to August last year.
OKX open interest reached $1.39 billion, the highest in nearly 18 months. Bybit hit a 16-month high with $1.24 billion.
ETH open interest hit an all-time high in November 2021, the peak of the last bull market, at $11.2 billion.
According to data analytics firm CryptoQuant, the upward trajectory could reinforce the current upward price trend.