According to glassnode, ETH futures open interest (cash-margined) has reached a new all-time high, surpassing $20 billion. Despite a minor price pullback from the $2.8K level, traders are aggressively increasing leverage by using stablecoins, signaling heightened speculative activity. This surge in open interest reflects strong market engagement and could drive increased volatility and liquidity in the Ethereum (ETH) market. Crypto traders should monitor leverage ratios and funding rates closely for potential price swings. (Source: glassnode, June 12, 2025)