The open interest for Ether hit an all-time high of 10.23 million ETH, suggesting increased trading activity. However, ETH’s price fell by 6% within a few days, raising questions about the sustainability of this bullish sentiment.

Concerns surrounding macroeconomic factors and significant outflows from Ether ETFs totaling 307 million USD have pressured ETH prices. Despite rising open interest, lack of demand for leverage indicates a cautious market sentiment.