Ethereum traders are staring at a derivatives market that’s never been more loaded. Open interest (OI) in ETH futures just set a record, options positioning is call-heavy, and liquidity sits precariously above spot. This is the classic recipe for a violent move—but in which direction?
This article breaks down why record OI can fuel a brutal short squeeze or a long-side cascade, what real-time signals matter, and how to navigate the next legs with practical risk checks. We use fresh data points from market trackers and explain how they map to price behavior you can actually trade around.
Quick Answer
Editor’s note: In Q1–Q2 2026 I spent more time tracking ETH basis and options flows than headlines. Several desks I spoke with flagged how quickly dealer gamma flipped around weekly expiries, which often decided whether a reclaim turned into a squeeze or fizzled. On days when OI climbed as spot softened, negative-to-flat funding plus expanding spot volume was the better
We współpracy z: https://cryptodaily.co.uk/2026/05/ethereum-short-squeeze-record-open-interest
