Ethereum

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The <a href="https://u.today/bitcoin-suddenly-reclaims-31000-as-open-interest-starts-exploding" rel="noopener noreferrer nofollow">open interest metric</a> refers to the number of futures contracts/options which are held by investors' inactive positions, therefore a rising value indicates their growing interest and an inflow of additional money into the market — <a href="https://u.today/this-ethereum-network-update-is-extremely-important" rel="noopener noreferrer nofollow">Ethereum</a> in this particular case. High open interest also indicates high market activity since traders keep opening new positions. 
A recent X post published by on-chain data vendor Glassnode shows that ETH futures OI has reached a one-month high of $125,397,615.99 on one of the leading crypto exchanges, Bitfinex. 
Most likely, high open interest indicates a bullish trend, however, sometimes it may signify an upcoming change of trends from bullish to bearish as well, if the IO metric becomes too high. 
<blockquote> 
 📈 <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Ethereum</a> <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a> Futures Contracts Open Interest just reached a 1-month high of $125,397,615.99 on <a href="https://twitter.com/hashtag/Bitfinex?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitfinex</a>Previous 1-month high of $125,329,725.40 was observed on 15 September 2023View metric:<a href="https://t.co/FVI1qN3bra" rel="noopener noreferrer nofollow">https://t.co/FVI1qN3bra</a> <a href="https://t.co/MNnAGc867P" rel="noopener noreferrer nofollow">pic.twitter.com/MNnAGc867P</a>— glassnode alerts (@glassnodealerts) <a href="https://twitter.com/glassnodealerts/status/1702898992730771556?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 16, 2023</a> 
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Aside from that, Glassnode also registered an increase in new <a href="https://u.today/nearly-1-million-ethereum-eth-burned-since-merge-update-details" rel="noopener noreferrer nofollow">ETH investors</a>. According to another X post published earlier today, the total count of <a href="https://twitter.com/glassnodealerts/status/1702974522742251934" rel="noopener noreferrer nofollow">ETH non-zero wallets has surged</a> to an all-time high of 106,018,155. 
Over the past week, the Ethereum price has demonstrated a rise by more than 7%, surging from $1,538 to the $1,650 level. However, earlier today, ETH saw a sudden marginal decline and is now trading at $1,634.

Ethereum Reaches New Important Milestone Among Investors: Details

U_Today

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