Open Interest in Ether Perpetual Futures Surges
Open interest in ether perpetual futures has seen a significant increase across major centralized cryptocurrency derivatives exchanges since February. Currently, the open interest for ETH futures on different exchanges is over $10.1 billion, according to Coinglass. The Deribit cryptocurrency derivatives exchange has reached an all-time high in the total number of outstanding perpetual futures contracts for ether, with open interest standing at over $690 million.
Potential Rise in Market Attention and Speculation
The surge in open interest suggests a higher level of trading activity and engagement with ether derivatives. This could indicate an increase in market attention, speculation, or hedging activities related to ether, particularly in anticipation of potential upcoming price catalysts. One such catalyst could be the potential approval of a spot ether ETF by the U.S. Securities and Exchange Commission.
Ether Futures Funding Rate Increases
Since February, the funding rate for ether perpetual futures contracts on Deribit has increased from 0.00045% to 0.035%. A higher funding rate indicates that long positions are paying more to short positions. This rise in funding rate suggests a growing demand for long futures positions in the derivatives market for ether, reflecting a more bullish sentiment toward the digital asset.
Ether Price Increase
The price of ether has experienced a 1.57% increase, reaching $2,841 as of 7:57 a.m. ET.
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