In November 2024, institutional interest in Ethereum surged, with CME Futures Open Interest reaching a record high of 662,600 ETH, valued at approximately $2.5 billion.

This increase in Open Interest aligns with a rally in Ethereum's price, indicating a bullish sentiment among investors.

The total Open Interest for Ethereum has now reached an all-time high of around $16.8 billion, reflecting a significant rise in ETH-related derivatives positions.

During this period, Ether experienced a notable price increase of 35%, trading at approximately $3,400, with immediate targets set at $3,500 and $3,600.

The ETHBTC ratio has shown a nearly 15% increase over the past week, suggesting Ethereum's outperformance compared to Bitcoin amid recent market fluctuations.

For Ethereum to maintain its momentum, the ETHBTC ratio needs to decisively surpass the 50-day Simple Moving Average.

However, the market's high leverage environment poses risks, as evidenced by $163 million in leveraged long ETH futures positions being liquidated due to a 5% price drop.

Overall, Ethereum has seen a significant uptick in revenue, fees, new wallets, and on-chain activity in the past month compared to the previous five months.

While institutional interest may boost ETH's price, hedge fund hedging strategies could lead to increased volatility and potential liquidation events.

The value of assets locked in Ethereum applications has surged to $65 billion, the highest level since May 2022, indicating strong on-chain activity.

Open Interest serves as a key indicator of liquidity and demand in the crypto market, and the recent surge reflects growing interest in Ethereum derivatives.

Additionally, activity in the ether options market is rising, with over 2 million contracts open on Deribit, marking the highest level since late June 2024.