Ether (ETH) price has surged more than 37% over the past seven days, trading at highs not seen since July 24, as expectations rise about a cryptocurrency-friendly business environment in the United States following Donald Trump’s presidential victory.
ETH/USD daily chart. source: TradingView
At the time of this writing, Ether is trading at $3,392 due to increased demand via the spot Ethereum ETF, and on-chain indicators suggest the altcoin’s upward trend remains intact.
Ethereum open interest has reached an all-time high.
Ether’s rally over the past seven days has led to an increase in open ETH long positions in the futures market. Ethereum’s total public interest in derivatives markets increased from 9.8 million ETH on November 5 to an all-time high of 13.2 million ETH on November 11, according to data from on-chain market intelligence firm CryptoQuant.
ETH open interest on all exchanges. Source: CryptoQuant
“ETH finally printed ATH for futures OI,” trader Alan wrote in a post on X. “This shows that attention is finally back on the altcoin boss,” he said, adding that the market can never ignore ETH.
Fellow trader Olek said that Ethereum’s rising OI means “increased liquidity and market participation.”
Oleg added:
“Ethereum in particular is showing signs of recovery with increased activity indicating the market is ready to move.”
ETH demand increases
CryptoQuant data shows that growing demand for ETH has regained traction as on-chain activity increases, as evidenced by the number of daily active addresses (DAAs) on the Ethereum blockchain. The chart below shows Ethereum’s DAA increasing from 306,751 on November 5 to 388,350 at the time of writing on November 12. This is a 26% increase since Donald Trump won the 2024 US presidential election.
Number of active addresses on Ethereum. Source: CryptoQuant
Therefore, on-chain data shows that users are interacting more with layer 1 blockchains, suggesting an increase in Ether token transactions.
According to DappRadar data, active addresses for Ethereum DApps have increased by 8% over the past seven days. Overall, the data is encouraging, considering that other DeFi metrics such as total value locked, number of transactions, and NFT volume have also surged in the past week.
Top layer 1 blockchain; 7 days of DApp activity. Source: DappRadar
Ethereum’s network growth should continue, which will increase the demand needed to push ETH back to $4,000.
relevant: ETH 3.0: Sharding can scale Ethereum to millions of TPS.
US spot Ether ETF records $295 million inflows
Ethereum’s recovery following Trump’s victory has seen spot ETH ETF flows turn positive after recording net outflows of $73 million in the final two days ahead of the November 5 election.
According to SoSoValue data, these investment products had their highest inflow day on November 11 since their launch on July 23, bringing in more than $295 million.
Spot Ethereum ETF flows. Source: SoSoValue
Fidelity Ethereum Fund (FETH) leads the way with a record $115.5 million in inflows, while the BlackRock-issued iShares Ethereum Trust ETF (ETHA) comes in second with $101 million.
Grayscale Ethereum Mini Trust ETF (ETH) ranked third with inflows of $63.3 million, followed by Bitwise Ethereum ETF (ETHW) with $15.6 million. All other US spot Ether ETFs saw zero inflows.
Ethereum investment products recorded total inflows of $157 million during the week ending November 8, bringing annual inflows to $915 million and assets under management to $12 billion, according to additional data from CoinShares.
“Sentiment has improved significantly with the largest inflows since the ETF was launched in July of this year,” CoinShares said in an accompanying commentary.
The latest inflows continue a significant trend that began a week ago, suggesting that continued growth in institutional demand for Ethereum investment products could push the price of Ethereum above $4,000, the March 12 high.
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.