Laevitas.ch data shows that Ethereum futures contango, which measures the difference between the two-month contract and spot prices, has reached its highest level in more than a year.

In a healthy market, annualized premiums or basis rates should typically be in the 5% to 10% range. The data points to growing demand for leveraged ETH long positions.

The futures contract premium surged from 1% on October 23 to 7.4% on October 30, surpassing the 5% neutral to bullish threshold. The spike in the metric came after ETH prices rose 15.7% in two weeks.