Ethereum's price has climbed 6.6% over the past 24 hours, rising from $2447 to $2624. However, Open Interest in Ethereum has surged even more significantly, jumping by 16.2% from $8.4B to $9.7B.

Open Interest includes both long and short positions, which share a common trait: they are often vulnerable to liquidation. Given the relatively high funding rates, it’s likely that most of these positions are long.

Such movements tend to lead to illiquid and volatile market conditions. If you're a conservative trader, consider reducing your leverage and enjoy observing the market. If you're drawn to high-risk, high-reward trades, buckle up and enjoy the ride!