TechFlow news, according to The Block citing CryptoQuant data, Ethereum futures open interest surged 12% to $20.8 billion on November 22, 2024, reaching an all-time high. Within the past 24 hours, ETH price rose 7% to $3,365. Ethereum futures funding rates have repeatedly hit record highs and currently stand at 0.0374%, indicating dominant bullish sentiment.
Meanwhile, Ethereum leverage ratio has climbed to a historic high of 0.40. On-chain data shows that Ethereum transaction volume increased sharply by 85% during the first two weeks of November, rising from $38.4 billion to $71.3 billion. Analysts warn that the current high leverage levels could increase the risk of a market correction.
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