ETH futures open interest reached an all-time high, climbing over 20% in the month leading up to Nov. 27, as Ethereum surged around 20%, and surpassed $3500. This spike has raised speculation about a potential ETH bull run. The surge in futures open interest, which now totals $22B, is largely driven by institutional involvement, particularly with the Chicago Mercantile Exchange holding $2.5B in ETH futures. However, experts suggest that the high leverage seen in the market may reflect hedging or neutral strategies, rather than a clear indication of bullish sentiment, as leveraged retail positions remain a risk. Has the ETH bull run started? Source: Cointelegraph