Crypto Open Interest Is Surging — Ethereum Stands Out

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Leverage is rebuilding fast across crypto. Open interest jumped 7.6% during the latest rally. Ethereum is the clearest standout in the data.

Ethereum Leads the Leverage Rebuild

Sanbase’s open interest chart tracks this data in real time. Bitcoin sits at $25.84 billion in open interest right now. Ethereum sits at $16.97 billion.

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Solana trails at $2.97 billion. Ethereum cleared $17 billion on Tuesday. That’s its first time above that mark since January. 

Open interest counts outstanding futures positions. Rising OI alone doesn’t reveal direction. 

But rising price paired with rising OI usually means more traders are entering the market with leverage.

A Reminder That Leverage Cuts Both Ways

Big leveraged bets don’t always play out the way traders expect. One trader opened a $100 million short against Ethereum back in May, using 23x leverage with a liquidation price sitting just above ETH’s trading level at the time. 

That kind of position shows how quickly rising open interest can turn into forced liquidations if price moves the wrong way.

Short Squeeze Fuels the Climb

Nearly $648 million in crypto shorts got liquidated during this breakout. ETH alone saw more than $120 million in short liquidations as its rally sped up. 

Total market open interest still climbed through all of this. That means new positions replaced many of the ones that got forced out.

The Weekly Chart Shows Renewed Strength

A TradingView weekly chart created on September 22, 2026, at 11:01 UTC shows ETH/USD at $2,741.99.

The chart’s all-time high sits at $4,957.51, set well before the deep correction that followed. Price bottomed near $1,505.90 during that drawdown. 

ETH has since climbed back to roughly 55% of the distance between that low and the record high. 

RSI sits at 64.72. That’s the strongest reading since the weeks right before the all-time high. 

Momentum has been building steadily since the July low, with RSI making higher lows through each pullback. 

The current weekly candle is red despite the RSI strength, showing some hesitation right at this level. 

A similar setup played out last September, when ETH cleared $4,500 resistance and analysts flagged $4,660 and $4,725 as the next zones before a run toward $5,000. 

A close back above $2,800 would put ETH within range of retesting the highs seen earlier this year. Losing $2,600 would put that momentum picture in question.

Leverage and Price Now Move Together

Higher open interest can keep feeding momentum if spot buying stays strong. But if prices stall while leverage keeps building, those same positions turn into liquidation fuel instead. 

With Ethereum leading this leverage rebuild and its RSI at its strongest level in months, its next move will likely set the tone for how this open interest surge resolves.

Disclaimer:
This article is for informational purposes only and does not constitute financial, investment, or trading advice. The views expressed are based on publicly available data, market observations, and the author’s interpretation at the time of writing. Cryptocurrency markets are highly volatile and unpredictable, and past performance or current technical setups do not guarantee future results. Readers should conduct their own research and consult with a qualified financial advisor before making any investment decisions. TechGaged does not accept liability for any losses incurred based on the information presented.