Despite the pervasive chatter on platforms like Crypto Twitter that Ethereum’s ether (ETH) might be faltering, the market is showing strong signals of a potential rally. Traders are continuing to bet on the future price increases of ETH, supported by a noticeable surge in derivative activity and growing usage of Ethereum’s blob feature.

Recent data from CoinGlass reveals that the open interest in Ethereum futures contracts has reached an all-time high of 6.32 million ETH, equivalent to over $27 billion, marking a 17% rise month-to-date. This significant uptick in open interest, paired with rising prices, is often interpreted as a confirmation of an uptrend in the market. In fact, Ethereum’s price has jumped 35% in November alone, hitting $3,400, mirroring the gains seen in Bitcoin.

Furthermore, data from Velo indicates that the premium between three-month ETH futures and spot prices has reached an annualized 16% on major exchanges like Binance, OKX, and Deribit. The front-month premium on CME has also risen to 14%. This widening premium could trigger an influx of capital into cash-and-carry trades, which exploit the price differential between spot and futures markets. Such moves could lead to greater capital flows into Ethereum’s U.S.-listed ETFs.

Ether’s options market is also seeing heightened activity. Open interest on Deribit, for example, has exceeded 2 million contracts, with a notional value of $7.33 billion—its highest level since June. This increased trading activity reflects growing investor confidence in Ethereum’s prospects.

Ethereum’s price rise has also contributed to an increase in the total value locked (TVL) across Ethereum-based decentralized applications (dApps), which has reached $65 billion—its highest level since May 2022. The majority of this TVL is concentrated in three key platforms: Lido, with over $32 billion in locked ether, Aave, holding $26 billion in assets, and EigenLayer, which has $14 billion.

Moreover, Ethereum’s on-chain metrics show a resurgence in activity. Transaction volumes, fees, new wallet creations, and overall on-chain activity have been rising in the past month, indicating a growing market presence. While the current metrics do not yet surpass the peaks observed in March when ETH ETFs were a major focal point, the increase is still significant.

Ethereum has also regained its position as the leader in the stablecoin market, hosting $60.3 billion in USDT on the network—surpassing Tron’s $57.94 billion for the first time since June 2022.

The political landscape has also played a role in boosting sentiment around Ethereum. The election of Donald Trump has reignited hopes for a more favorable regulatory environment for cryptocurrencies, which could benefit decentralized finance (DeFi) platforms and drive demand for ETH. This optimism has helped fuel Ethereum’s rise in November, as investors anticipate less regulatory friction for crypto projects in the U.S.

Overall, despite the bearish sentiment expressed by some in the crypto space, the data tells a different story. Ethereum remains a dominant force, with substantial growth in on-chain activity, derivative markets, and locked assets. The indicators suggest a promising future for Ethereum as it continues to evolve and expand its market presence.