Crypto
Hyperliquid Sees Ethereum Perpetual Futures Open Interest Surge Past Bitcoin
Ethereum perpetual futures open interest on Hyperliquid has surpassed Bitcoin's, reaching $3.02 billion as of late September.
This milestone marks a record high for Hyperliquid's total open interest, which reached $18 billion in the same time period, accounting for 9% to 11% of global perpetual futures open interest.
The shift in demand toward Ethereum may indicate increased speculative activity in the derivatives market, but experts caution that rising open interest is not necessarily a bullish signal.