![Ethereum and Bitcoin futures open interest near record highs in notional value](https://cryptoslate.com/wp-content/themes/cryptoslate-2020/imgresize/timthumb.php?src=https://cryptoslate.com/wp-content/uploads/2024/02/OI-2.png&w=70&h=37&q=75)
Quick Take
The total amount of funds allocated in open futures contracts or “futures open interest” is nearing an all-time high for Ethereum and Bitcoin in terms of notional value.
Ethereum’s open interest currently stands at $10.5 billion, aligning with it crossing the significant price threshold of $3,000.
This is particularly noteworthy as its current level mirrors that of November 2021, Ethereum’s peak at $11 billion, when the price of ETH was approximately $4,700.
![Ethereum Open Interest: (Source: Coinglass)](https://cryptoslate.com/wp-content/uploads/2024/02/ETH.png)
Similarly, the notional value of Bitcoin is also approaching all-time highs, with roughly $22.5 billion corresponding to the same levels observed in May and November 2021, when Bitcoin traded over $60,000.
![BTC Open Interest: (Source: Coinglass)](https://cryptoslate.com/wp-content/uploads/2024/02/btc-6.png)
For Bitcoin, the open interest represents about 2.25% of its market cap. For Ethereum, the open interest accounts for approximately 2.77% of its market cap. Both have seen increases in the past weeks, but they are historically at an average level.
![Open Interest divided by Market Cap : (Source: Glassnode)](https://cryptoslate.com/wp-content/uploads/2024/02/OI-2.png)