Ethereum CME futures open interest hits a new high! ETH may challenge $6800 before the end of the year.

The open interest (OI) of Ethereum futures at the Chicago Mercantile Exchange (CME) continues to hit new historical highs, which is seen as a clear signal of increased interest from institutional investors. Analysts predict that, based on this trend, the price of Ethereum (ETH) is expected to break its all-time high before the end of 2025 and may challenge the target of $6800.

CME Futures Open Interest Hits ATH

(Source: CryptoQuant)

Currently, the open interest (OI) of Ethereum futures on CME has reached an all-time high, which stands in stark contrast to past cycles:

• 2021-2022: Despite the market being in a bull run, the OI of ETH futures on CME was relatively low and primarily dominated by short-term contracts, indicating limited institutional participation.
• 2022 Bear Market: As ETH price fell, OI sharply declined, and long-term contracts remained low, reflecting a lack of institutional confidence.
• 2023-2024 Recovery: The OI of ETH has started to rebound, particularly with a significant increase in long-term contracts of 3-6 months, indicating an enhancement in institutional confidence.
• Current: In 2025, the price of ETH soared to the range of 4500-5000 USD, with CME futures OI hitting a new high, particularly notable growth in short-term contracts, indicating that institutional demand and participation in derivatives are very strong.

Bullish Signals and Short-Term Volatility Risks

CryptoQuant's analysts explained two potential combinations of open interest (OI). A high OI combined with a concentration of short-term contracts may lead to increased market volatility, triggering sharp price fluctuations and a liquidation cascade. However, at the same time, an increase in long-term OI also indicates a rise in institutional confidence, providing the potential for long-term price increases for ETH. The analyst added:

"ETH is trading around $5000 (close to ATH), while the OI on CME has hit an all-time high, clearly indicating institutional FOMO. Although this supports the current bull market trend, the liquidation risk is also quite high. There may be fluctuations and pullbacks in the short term, but the mid to long-term outlook remains bullish."

Analyst Prediction: Year-End Target $6800

Based on the surge in institutional interest and strong performance of CME futures data, analysts predict that ETH is likely to reach a resistance level of $6800 by the end of 2025. It is worth noting that the historical highest price of Ethereum is $4946.05, so if it reaches $6800, it will be its new all-time high.

Fundamental Support: On-chain data is equally positive

In addition to the CME futures data, other positive on-chain data also supports the bullish outlook for Ethereum:

• Exchange Outflow: The amount of ETH flowing out from mainstream CEXs has increased recently, resulting in the exchange supply ratio dropping to a new low.
• Staking volume increases: More and more ETH is being locked in the Ethereum network for staking, which enhances its fundamentals as a smart contract platform and makes it more robust. As of now, over 35.8 million ETH has been staked, accounting for approximately 29.64% of the total supply.
• Current Price: As of the time of writing, the ETH trading price is approximately $4306, having increased by 3.57% over the past 24 hours.

Conclusion

The record increase in CME futures open interest, coupled with strong on-chain indicators, paints a very bullish long-term picture for Ethereum. This phenomenon reflects that institutional investors are entering the market with an unprecedented scale and confidence. Although the possibility of short-term market adjustments still exists, the driving factors from fundamentals and institutions suggest that Ethereum is ready to embrace new all-time highs.