Ethereum Revival – Surging Metrics Signal A Bullish Return
Ethereum has regained its stablecoin dominance, hosting over $60.3 billion in USDT, surpassing Tron’s $67.94 billion for the first time
Ethereum (ETH), the second-largest cryptocurrency, is proving critics wrong with its recent performance. Despite a widespread claim on social media chatter labeling ETH as a stagnant token, the numbers tell a different story. Key metrics in derivatives and DeFi reveal a surge that signals a bullish trend for the network.
Ethereum Record Breaking Futures and Options Activity
One of the most striking developments is the surge in ETH futures and options trading. According to CoinGlass, cumulative open interest in perpetual and standard futures contracts hit a record of 6.32 million ETH, worth over $27 billion, a 17% increase for the month.
Similarly, the options market on Deribit reveals heightened activity, with more than two million contracts open—the highest since June! The notional value of these contracts stands at $7.33 billion, reflecting strong market confidence. Ethereum’s derivatives market is booming.
The premium on three-month ETH futures has risen to an annualized 16% on major exchanges like Binance and OKX. It is significant as this indicates higher demand for ETH, with traders capitalizing on available opportunities.
Moreover, Ethereum’s DeFi ecosystem is thriving. The total value locked (TVL) on Ethereum-based applications has climbed to $65 billion, a level not seen since May 2022. Notably, the liquid staking protocol Lido accounts for $32 billion, while Aave holds $26 billion. EigenLayer, a staking platform, has another $14 billion.
Recent data also show a boost in on-chain activity, including increased wallet creation, transaction volumes, and fee revenue, showing a clear uptick over the past month. Although these figures have yet to match 2024, they reflect a significant recovery from the May to September break.
Stablecoin and Sentiment Shifts
Ethereum has also regained its stablecoin dominance, hosting $60.3 billion in USDT, surpassing Tron’s $67.94 billion for the first time since June 2022.
Moreover, the political landscape has given Ethereum a boost. President Donald Trump’s pro-crypto stance has reignited hopes for the DeFi bull market, which drives a renewed demand for ETH.
With surging futures, DeFi growth, and favorable sentiment, Ethereum is far from being a stagnant token. These metrics signal a bullish return, positioning ETH as a key player in the growing crypto industry.
