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Ethereum

Rising Bets On Ethereum: Futures Open Interest Jumps To Fresh Multi-Month High

Godspower Owie
by Godspower Owie
2 months ago
·
Posted in Ethereum
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bullish sentiment is noticeably returning to the crypto market once again, and Ethereum has made a remarkable upward move. With the fresh wave of optimism, ETH’s price has reclaimed the key $2,700 mark, which has captured investors’ attention. While prices have strongly increased, recent reports reveal that ETH’s open interest also witnessed a notable uptick.

Traders Are Doubling Down On Ethereum

Ethereum’s price appears to have regained upside traction, and its derivatives market is heating up. This notable uptick in the derivatives market is attributed to a recent surge in ETH’s Futures Open Interest (OI) to new multi-month highs.

Related Reading: Record‑High Ethereum Open Interest Signals Institutional Confidence

Glassnode, a popular on-chain analytics and financial platform, in a post on X highlighted that Ethereum CME Futures open interest has increased to $3.27 billion. ETH CME futures open interest’s rise to this figure marks its highest level since February 2 this year.

Ethereum
ETH open interest on the rise | Source: Glassnode on X

This notable expansion in futures is a clear indication that investors and traders are ramping up their bets on the world’s second-largest cryptocurrency. It also demonstrates a renewed capacity for speculation and an increasing level of assurance on ETH’s short-term prospects.

According to the on-chain platform, this indicates a definite improvement in institutional standing, as price and demand are increasing simultaneously. As ETH’s price action levels off following recent volatility, increasing open interest implies that market players are setting themselves up for potentially big moves in the future. Such a positive advancement could further bolster the general attitude toward Ethereum and its future performance.

A Persistent Decrease In ETH Exchange Reserve

While ETH bullish momentum builds, it is being met with robust confidence from investors from all crypto exchanges, solidifying the current upward trend. BlackMen, a market expert, has reported a positive action among ETH investors on crypto exchanges.

Related Reading: Ethereum Reserves On Binance Hits 2023 Level — What Happened Last Time?

After examining the Ethereum Exchange Reserves metric, the expert stated that the amount of ETH in exchanges is rapidly decreasing. Such a decline in exchange reserves highlights the increasing inclination of investors to move their ETH to decentralized platforms or long-term safekeeping.

Investors are also locking their Ethereum in staking, which keeps it in the system, and this rate is getting close to all-time highs. This pattern is often classified as a bullish indication, indicating that holders are less likely to sell and more optimistic about ETH’s prospects.

BlackMen stated that these developments are typically the precursor to bull runs that begin quietly, not hype or coincidence, noting that a slight hype could occur after August. The expert’s claims may imply that the ongoing bull market cycle still has room to extend.

At the time of writing, Ethereum was trading at $2,812, reflecting a nearly 7% increase in the last 24 hours. Ethereum is witnessing renewed bullish sentiment from investors and traders following the recent rally above the $2,800 price mark. Data from CoinMarketCap shows that ETH’s trading volume has risen by more than 64% in the past day, suggesting growing conviction in the newfound rally.

Ethereum
ETH trading at $2,788 on the 1D chart | Source: ETHUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Godspower Owie

Godspower Owie

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Godspower Owie is my name, and I work for the news platforms NewsBTC and Bitcoinist. I sometimes like to think of myself as an explorer since I enjoy exploring new places, learning new things, especially valuable ones, and meeting new people who have an impact on my life, no matter how small. I value my family, friends, career, and time. Really, those are most likely the most significant aspects of every person's existence. Not illusions, but dreams are what I pursue.

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