Ethereum Open Interest Explodes To $28 Billion—Altcoin Rotation Begins: QCP
Ethereum's derivatives market has surged, with perpetual open interest in ether futures rising from under $18 billion to over $28 billion in a week, indicating the start of an altcoin season. Institutional investors are leading this momentum, driven by recent regulatory developments, particularly the signing of the GENIUS Act, which mandates stablecoin issuers to hold 100% reserves. This regulatory clarity is prompting corporate treasuries to accumulate ether and other smart-contract platforms. Spot ether ETFs have attracted $602 million, surpassing bitcoin ETFs for the first time. Demand for out-of-the-money call spreads and call-side risk reversals indicates traders are optimistic about ether's price potential. Ethereum's market share has increased from 9.7% to 11.6%, while Bitcoin's dominance has dropped to 60%. Key metrics being monitored include perpetual OI growth, the altcoin-season index, and ETF flows. ETH is currently trading at $3,846.
