In a surprising twist, Ethereum's recent rise above $4,000 has led to an increase in market depth not seen in years. Despite moving slower than Bitcoin and other cryptocurrencies, Ethereum has caught the attention of traders due to its improved liquidity on exchanges around the world.

The availability of ETH tokens for trading has increased significantly, showing a growing interest and activity in the token within the exchange ecosystem. This indicates a boost in confidence and participation from traders and investors, potentially leading to long-term stability for Ethereum as the Bitcoin halving approaches.

The market depth for ETH, measuring the quantity of buy and sell orders across exchanges, has risen from $255 million to $400 million. This suggests an increase in market makers providing liquidity, giving traders more opportunities to buy and sell ETH.

Open interest in perpetual futures contracts for both BTC and ETH has reached all-time highs in USD, showing a steady growth since the beginning of the year. This surge reflects a heightened interest from traders and investors in the assets, adding to the bullish sentiment surrounding the token.