Ethereum Open Interest Data Witnesses $1.5B Increase Over Past Three Weeks, Reports CryptoQuant’s Analyst
In Brief
CryptoQuant released an analysis unveiling that Ethereum’s Open Interest data has increased by $1.5 billion over the past three weeks.
On-chain and market data analytics firm CryptoQuant‘s analyst Burak Kesmeci released the latest cryptocurrency market analysis, showing that Ethereum’s Open Interest (OI) data has increased by approximately $1.5 billion over the past three weeks. The “Open Interest” indicator represents the total number of open positions, both long and short, for a particular instrument.
The analyst observed that as leveraged trading rises, liquidations become unavoidable, leading to increased volatility. Consequently, he emphasizes that OI is a crucial data point that requires close monitoring.
Furthermore, Burak Kesmeci highlighted that in relation to the recent launch of spot exchange-traded funds (ETFs), Ethereum’s OI data reached a local peak on the day the spot ETFs began trading, subsequently decreasing by approximately $600 million. This decrease provided the market with some relief.
Ethereum Price Witnesses Modest Increase While Spot ETFs Record Outflows
At the time of writing, Ethereum‘s price has increased by 4.68% over the past day, reaching $3,368. The 24-hour low and high are $3,220 and $3,384, respectively. Meanwhile, Ethereum’s market cap stands at $405.32 billion, marking a rise of 4.65%, a notable rise following the ETF launch. However, the 24-hour trading volume has declined by 23.30% to $11.69 billion.
Meanwhile, over the past week, the nine spot Ethereum ETFs newly launched for trading after the landmark approval by the United States Securities and Exchange Commission (SEC) have experienced net outflows totaling $162.6 million, continuing the trend of outflows. Among these, the Grayscale Ethereum Trust (ETHE) was the only fund with large outflows, amounting to $356.26 million. However, these outflows were balanced by inflows into other funds.
BlackRock’s ETHA led with $87.22 million in net inflows, followed by Grayscale Ethereum Mini Trust with $44.94 million, Fidelity FETH with $39.26 million, and Bitwise ETHW with $15.96 million in net inflows, according to SosoValue data.
Disclaimer
In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.
About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
More articles
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
