Ethereum's open interest in futures surged to nearly $60 billion, reflecting a strong market sentiment as ETH approaches its all-time high of $4,878 set in November 2021. The current value of ETH has seen a significant gain, up about 17% over the past week, amidst increasing trading activity. Open interest has nearly doubled since late June, indicating heightened participation in ETH futures, which now nearly match Bitcoin's $79.49 billion in open interest. Binance leads the market with the highest volume of ETH futures at over $12 billion. Recent liquidations show significant movement, with $127 million in ETH positions liquidated in the last 24 hours, primarily from long positions, contrasting with only $70 million in Bitcoin liquidations. The surge in ETH price has captivated investor interest, sparking optimism about its continued rise, although a 12% gap remains before reaching a new all-time high. Analysts attribute this momentum to favorable market conditions and the growing institutional adoption of Ethereum.

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