Despite sentiment suggesting otherwise, Ethereum's ether (ETH) is showing bullish signs with significant market activity. Cumulative open interest in futures contracts has reached a record 6.32 million ETH, valued over $27 billion, reflecting a 17% gain this month. Consequently, ETH's price has surged 35% to $3,400, mirroring the gains seen in Bitcoin. Furthermore, the three-month ETH futures have expanded their premium to an annualized 16%. On Deribit, ether options are experiencing increased activity, with over 2 million active contracts. Ethereum-based applications have seen the total value locked rise to $65 billion, mostly concentrated in protocols like Lido and Aave. Activity this past month indicates a resurgence compared to the low activity period from May to September. Additionally, the market sentiment has been positively influenced by political developments, particularly Donald Trump's plans to ease crypto regulations, rekindling hopes for a DeFi bullish market. This combination of bullish metrics and sentiment suggests a potential uptrend for ETH.

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