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Ethereum’s open interest across major derivatives exchanges climbed to approximately $33.37 billion between March 16 and 17, 2026, following an 18% to 19% surge in a single 24-hour window, according to data cited from CryptoQuant. The move marks one of the most aggressive expansions of leveraged positions in recent months and points to a notable shift in trader sentiment toward ETH.
The preceding months showed a markedly different pattern. During November and December, changes in open interest were described as more subdued. January saw a wave of liquidations that reduced open positions, while February deepened that dynamic with some of the most pronounced negative readings of the period, particularly between the 9th and 23rd.
Starting in late February, open interest began recovering steadily, and the March 16 rebound was described as broad-based. Rather than being concentrated in a single venue, virtually all major exchanges recorded positive and simultaneous increases.
By exchange, Binance led with $6.59 billion in open positions. Gate recorded $3.87 billion, Bybit $2.35 billion, and OKX $2.04 billion. Deribit, which is focused primarily on options, also showed positive variations, indicating that the bullish positioning is not limited to perpetual futures.
CryptoQuant analysts characterized the current setup as reflexive: when open interest rises alongside price, the typical interpretation is that new capital is entering to support fresh long positions, rather than existing shorts being liquidated. The distinction matters because short squeezes are often short-lived, while genuine capital inflows can help sustain momentum for longer.
At the time of reporting, ETH was trading around $2,230 after breaking above a resistance zone near $2,180. Analysts highlighted a daily close above $2,385 as the next critical level, with $2,581 identified as a target if that threshold is confirmed.
However, the same rapid open interest expansion raises the risk of sharp reversals if price does not continue to follow through on the accumulated positioning. In the latest move cited, ETH fell 4.2% in recent hours, according to CoinMarketCap.
CryptoQuant also flagged what it called an adoption paradox for Ethereum. Network activity—such as daily active addresses and smart contract calls—reached all-time highs in March 2026, surpassing even the peaks of the 2021 bull cycle. Despite that, price performance has lagged behind the on-chain growth.
Some models referenced in the report warn of a potential correction toward $1,500 by the end of the third quarter of 2026 if capital flows do not accelerate enough to match network usage.
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