ETHEREUM FUTURES BULLISH AS OPEN INTEREST HITS JULY 2022 LEVELS 

The Ethereum futures market is experiencing a surge in optimism, mirroring the remarkable performance of ETH itself, which recently surpassed $2,900, reaching its highest level in nearly two years.

Ethereum futures traders are displaying growing confidence in the leading altcoin’s trajectory, as evidenced by a significant increase in open interest, reaching levels unseen since July 2022, aligning with the surge in price.

Open interest (OI), representing the total number of open futures contracts across all exchanges, has reached $10.5 billion, marking a 50% surge since the beginning of 2024. Binance leads in OI with $3.50 billion, followed by Bybit with $1.93 billion, OKX with $1.39 billion, and Deribit with $1.14 billion.

This rise in open interest suggests heightened trading volume and engagement with Ethereum derivatives, indicating increased market interest, speculation, or hedging activities related to the crypto asset, particularly in anticipation of potential upcoming price catalysts.

However, analysts caution that while this surge indicates sustained confidence in Ethereum’s current upward trend, sudden liquidation events could lead to significant short to mid-term price declines, urging traders to exercise caution.

With the spotlight on the approval of a spot Ethereum ETF following the success of spot Bitcoin ETFs, traditional firms have submitted proposals for similar Ethereum ETFs. Additionally, the rising prices are supported by increased accumulation by whale entities anticipating a bullish resurgence.

Read more from the blog

News

3 May 2023

StoneBlock CEO: Nervous investors will be eliminated from the market

News

22 Apr 2024

ANIMOCA BRANDS HOLDS $558M IN CRYPTO ON BALANCE SHEET 

News

22 Apr 2024

CRYPTOJACKER ACCUSED OF $3.5M FRAUD AGAINST TWO CLOUD PROVIDERS