"Major Altcoins' Open Interest Nears $60 Billion…Record High"

The open interest (OI) of major altcoins such as Ethereum (ETH) and SOl has surpassed $60 billion (approximately ₩83.9 trillion).

Onchain analytics firm Glassnode stated in its weekly report on the 20th (local time) that "last weekend, the futures open interest of major altcoins reached $60.2 billion, setting a new all-time high." The key altcoins tracked by Glassnode are four: Ethereum, SOl, XRP, and Dogecoin (DOGE).

Open interest is a key indicator in the futures market, referring to positions held long or short by investors and can be used to gauge market liquidity and price trends. Generally, an increase in open interest suggests growing investor conviction in a particular price direction.

Glassnode noted that "$60.2 billion is at a similar level to Bitcoin (BTC) open interest." It also stated, "(However) after altcoin prices declined, open interest shrank by about $2.6 billion, marking the 10th largest decrease on record," and added, "Such sharp shifts highlight that altcoins are currently attracting significant investor attention." The report further analyzed that "this is greatly increasing the vulnerability and reflexivity of the digital asset market overall."

Glassnode also mentioned capital inflow trends for Bitcoin, noting, "(With Bitcoin's price) downtrend, capital inflow has noticeably slowed in recent weeks," and "it suggests that investors have little willingness to inject new capital at high price levels."