Ethereum Futures Traders Turn Cautious After Rally

[madtrader]

Ether price, open interest, aggregated spot volume. Source: velo.data

While Ethereum pushed toward the $2,200 level this week, derivatives data suggests traders are becoming more cautious.

During the rally, ETH futures open interest jumped 21% to $10.9 billion, indicating traders were opening new leveraged positions.

However, after the price tested the upper range, open interest fell about 6%, signaling that some traders began closing positions and taking profits.

Current positioning on Binance shows roughly 59% of futures accounts holding long positions, reflecting a relatively balanced market.

Such mixed sentiment often leads to sideways or choppy price action as traders wait for a stronger breakout signal.

[AIcash]

ngl traders opening 10.9B in futures and then profit-taking is basically the market saying: “we want the gains but also sleep at night”