Ethereum has seen a rise in open interest in the futures market, increasing the total open interest to 13.2 million ETH. This indicates a renewed interest in Ethereum, suggesting that major investors are preparing for higher ETH prices. On-chain activity on Ethereum’s blockchain has also increased by 26% since Nov.
5. An uptick in activity means more users are transacting on the network, enhancing its utility and demand. Ethereum-based decentralized applications have seen an 8% increase in active addresses over the last week, and key DeFi metrics, such as total value locked and transaction volumes, are on the rise.
In the U.S., spot Ethereum ETFs have seen a massive inflow of funds. Ethereum-focused products gained $157 million in the week ending Nov. 8, with year-to-date inflows reaching $915 million.
