The Ether (ETH) rally has fueled interest in this cryptocurrency from institutional investors.
However, the altcoin did not have enough support to hold its position, and it dipped in price to $ 4,319. ETH's capitalization is now just over $ 510.287 billion.
Open interest in Ethereum futures hit an all-time high on Friday, October 29th. Now the amount of contracts exceeds $ 12.47 billion.
In May, during the previous run of Ether, institutional open interest in ETH futures was $ 11.17 billion (according to ByBt). The lion's share of contracts are listed on the Binance and FTX exchanges - $ 3.11 billion and $ 2.24 billion, respectively.
However, the options market failed to set a record today. Open interest in ether options now stands at $ 6.37 billion, up from $ 7.4 billion in May.
The rise in the value of altcoin is observed against the background of a surge in network activity on Ethereum. According to EtherScan, the average daily number of transactions on the blockchain skyrocketed to 1.51 million, the highest since the end of spring 2021.
According to analysts, the $ 4,000 mark has become an area of strong support for ETH. Some experts do not exclude that altcoin will reach $ 4500 this week.