ETH open interest hits $25.4B as spot ETF inflows build, while derivatives stay wary

Ether has held above $2,300 after a recent bounce, and ETH futures open interest has climbed to $25.4 billion, pointing to stronger demand for leveraged exposure, Cointelegraph reported. U.S.-listed spot Ethereum ETFs recorded $248 million of net inflows over the past 10 days, and Bitmine Immersion said it bought $312 million worth of ETH. Derivatives indicators remain cautious. Funding rates on Ethereum perpetual contracts have struggled to stay above 5% and have repeatedly slipped below 0%, signaling limited conviction in the current move. On-chain revenue has also softened, with weekly Ethereum DApp revenue falling from $24 million in early February to $11 million, suggesting weakening network activity. Rising competition among public blockchains may continue to weigh on ETH's price outlook.