Ethereum (ETH) has advanced considerably this week, with market data showing a 22.5% rise since July 10. Just recently, ETH touched a peak of $3,484 per coin, and as of 10 a.m. Eastern on July 17, it trades around $3,408. While bitcoin has broken several all-time highs this year, ETH hasn’t reached a new record since Nov. 10, 2021. Back then, ether changed hands at $4,878 per coin.
At today’s price, ETH still needs to gain more than 25% to match its 2021 high. Looking at derivatives markets, ETH leads in liquidations. Within the past 24 hours, out of $583.42 million wiped from the crypto economy, ETH shorts made up $251 million of that.
Ethereum futures open interest has jumped sharply, surpassing $50.42 billion, with 14.75 million ETH locked in derivative contracts across all tracked exchanges. Over the past year, open interest has steadily grown alongside ethereum’s price recovery. Binance tops the list with $8.75 billion in open interest (2.56 million ETH), accounting for 17.36% of the total. CME follows with $6.04 billion (1.77 million ETH), or 11.98%.
Ethereum options open interest has expanded notably, now standing at over 3.52 million ETH, with 65.2% in call options and 34.8% in puts. This signals a market skewed toward optimism, as traders prepare for more upside in ethereum’s value. Deribit leads ETH options activity, with the greatest open interest focused on the Sept. 26, 2025, $4,000 call (93,891 ETH), then the $3,600 call (70,081 ETH), and the Dec. 26, 2025, $6,000 call (59,832 ETH).
The concentration of high open interest at out-of-the-money strikes like $4,000, $4,200, and $6,000 points to a bullish stance heading into fall and winter expirations. Overall, both open interest and recent trading volumes suggest traders are positioning for a notable breakout in ethereum, with options markets factoring in the potential for substantial gains in the latter half of 2025.
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