Ethereum Open Interest Surges 16%... Liquidity Increases, Heightened Short Squeeze Potential

# Ethereum (ETH) Futures Market Sees Surge in Open Interest, Indicating Potential Price Breakout Ethereum (ETH) open interest in the futures market is rapidly increasing, with analysts suggesting the current liquidation structure in derivatives markets could support a price breakout. A significant concentration of short-liquidation liquidity above the $2,700 price level signals potential bullish momentum from a technical standpoint. # Open Interest Reaches 12.22 Million ETH; Exchange-by-Exchange Growth Noted As of October 13, data from Coinglass reveals the open interest (OI) for Ethereum (ETH) futures is 12.22 million ETH, equivalent to about $32.3 billion. This marks a 16.27% increase from the previous day, indicating robust growth in derivative positions alongside Ethereum's short-term bullish momentum. Exchange-specific data highlights considerable growth in OI across platforms, with Bitget seeing a 19.56% rise, CME 17.45%, and Binance 12.32%. This surge in new positions as the market seeks directional clarity is noteworthy. Particularly significant is the over 17% rise in OI on CME, dominated by institutional traders, indicating increased short-term expansion of long positions. # Liquidation Map Indicates Concentrated Short Leverage Above Key Price Levels The market's liquidity structure also supports upward price movement. Coinglass liquidation data shows short-liquidation liquidity concentrated in the $2,700–$2,800 range for Ethereum (ETH). Key exchanges like Binance, OKX, and Bybit exhibit elevated liquidation pressure, with sharp spikes at approximately $2,738 and $2,781. This suggests a potential for significant short squeezes if ETH prices break these thresholds. Conversely, on the downside, liquidation liquidity accumulates only below the $2,500 mark, indicating a robust short-term support structure. The relatively gradual slope in long-liquidation leverage within this range further supports this view. # Favorable Leverage Distribution Could Propel Prices Higher The current leverage distribution and liquidation liquidity in the Ethereum (ETH) derivatives market suggest a strong likelihood of short-liquidation events that could drive further price gains. Although macro risks such as economic indicators and trade policies remain relevant, experts indicate that the structural leverage distribution alone makes it likely that Ethereum will test higher liquidity zones soon.