Ethereum open interest has reached an all-time high.
Ethereum has been gaining a foothold above the $3,500 price level throughout the week as most investors have been doing so. continue to anticipate all Return to $4,000 level. fun, optimism We have seen some public interest in Ethereum. soar to new highs. Although a surge in open interest is a bullish sentiment indicator, it can also act as a bearish signal that a change in market trends is imminent.
Ultimately, this indicator adds to the current dynamics of the Ethereum ecosystem, including regulatory uncertainty and scalability issues, which imply a complex price trajectory for the Ethereum price.
Ethereum open interest reaches new high
Open interest An efficient way to track the total number of open positions for a specific contract. Recent market dynamics and institutional investor interest have caused total open interest in Ethereum futures to surge beyond records set during the 2021 bull market phase.
According to data from coin glassEthereum futures open interest, which has been rapidly increasing since February 5, recently set a new record of $14.11 billion on March 15. Ethereum price exceeded $4,000 for the first time in two years.
However, Ethereum has since reversed from the $4,000 price level and is currently trading below $3,600. Meanwhile, total open interest in Ethereum contracts remains at an all-time high, surpassing $14.1 billion again on March 28. The weighted average of open interest also showed an upward trend, rising to 0.0462%. There is demand for leveraged long ETH positions.
The majority of the Ethereum futures market ($4.55 billion) is registered on cryptocurrency exchange Binance. Bybit and OKX ranked second and third with $2.39 billion and $1.94 billion, respectively. Interestingly, CME’s Ethereum futures also surged to $1.3 billion. As of this writing, CME’s Ethereum futures currently stand at $1.31 billion, once again highlighting its strength among institutional investors.
What’s next for ETH?
Ethereum has been flat since the beginning of the week and is currently up 0.78% over the past seven days. all eyes Now, according to a report from the SEC: Investigate Ethereum’s security statuss, the industry is awaiting a formal ruling similar to the one handed down in the XRP case that will finally provide clarity to the regulatory environment.
At the same time, investors continue to Wait for the SEC’s decision About the application of Spot Ethereum Exchange Traded Fund (ETF) in America. According to a senior analyst at Bloomberg: The likelihood of approval is only 25%.
ETH price drops to $3,500 | Source: SHIBUSD on Tradingview.com
Featured image from Money, chart from Tradingview.com
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