Record $6.5B futures open interest signals traders are bullish on Ethereum

Ether (ETH) price has rallied by 33% over the last five days and data shows that as this occurred some buyers began to use excessive leverage.

Although this is not necessarily negative, it should be considered a yellow flag as a higher premium on futures contracts for short periods is normal.

4-hour chart. Source: TradingView
ETH Mar. 26 futures premium. Source: NYDIG-Digital Assets Data
ETH futures aggregate open interest in USD terms. Source: Bybt.com