Ethereum Futures Open Interest Reaches One-Month High on Bitfinex
Read about the recent surge in Ethereum futures open interest and the growing number of new investors. Follow the trend of the crypto market on Bitfinex.
Posted 2 months ago in Ethereum
Ethereum has achieved a new high in open interest, indicating the growing interest from financial institutions. Open interest refers to the number of futures contracts/options held by investors, and a rising value suggests increasing interest and additional money flowing into the market. Glassnode, an on-chain data vendor, reported that ETH futures open interest has reached a one-month high of $125,397,615.99 on Bitfinex, one of the leading crypto exchanges. High open interest signifies high market activity as traders open new positions. While generally associated with a bullish trend, it can also indicate an upcoming change from bullish to bearish if the metric becomes too high.
In addition to the surge in open interest, Glassnode also noted an increase in new ETH investors. The total number of non-zero wallets holding ETH has reached an all-time high of 106,018,155.
Despite the recent gains, Ethereum experienced a slight decline today after a week-long surge. The price rose over 7%, reaching $1,650, but has now dropped to $1,634.
Last updated 9/16/2023, 4:48:40 PM
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