<ul data-eligibleForWebStory="true"><li>Ethereum futures open interest hits a record high of $20 billion, signaling a surge in leveraged trading activity.</li><li>Despite Ethereum's spot price being below $2,800, there is a strong increase in leveraged trading.</li><li>Traders are using stablecoins to gain exposure to Ethereum through futures contracts, showcasing a burgeoning risk appetite.</li><li>Open interest in Ethereum futures has seen a significant and sustained increase since early 2025, surpassing previous bull market peaks.</li><li>The current leverage buildup is happening in a more stable price environment, with cash collateral favored over crypto-based margins.</li><li>The surge in cash-margined contracts indicates institutional and stablecoin-heavy retail engagement, solidifying Ethereum's status in the crypto derivatives space.</li><li>Market participants are cautious about potential volatility if long positions become overcrowded or if prices reverse sharply.</li><li>As Ethereum futures open interest reaches new highs, attention is on whether the increased leverage will drive further gains or trigger a swift unwinding.</li></ul>

Ethereum Futures Open Interest Hits Record $20B as Leverage Builds

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