Ethereum

Bitcoin

<h2 id="quick-take">Quick Take</h2> 
<p>On Nov. 9, the crypto market saw significant turmoil, with over <a href="https://cryptoslate.com/insights/bitcoins-whirlwind-day-sees-440m-in-market-liquidations-as-cme-overtakes-binance-in-open-interest/">$400 million</a> in liquidations. There was a notable change in open interest, especially for Bitcoin and Ethereum.</p> 
<p>The majority of Bitcoin’s open interest now sits in the U.S. capital markets, with the Chicago Mercantile Exchange (CME) playing a dominant role. This open interest represents just 2% of Bitcoin’s total market cap, which has remained mostly unchanged since August. Despite the steadiness in open interest, Bitcoin’s price has surged from $26,000 to $36,500 since then, indicating a substantial increase.</p> 
<figure id="attachment_372788" aria-describedby="caption-attachment-372788" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-372788 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/11/OI.png" alt="BTC Open interest divided by market cap: (Source: Glassnode)" width="1800" height="1013" srcset="https://cryptoslate.com/wp-content/uploads/2023/11/OI.png 1800w, https://cryptoslate.com/wp-content/uploads/2023/11/OI-300x169.png 300w, https://cryptoslate.com/wp-content/uploads/2023/11/OI-1024x576.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/11/OI-768x432.png 768w, https://cryptoslate.com/wp-content/uploads/2023/11/OI-1536x864.png 1536w" sizes="(max-width: 1800px) 100vw, 1800px">
 <figcaption id="caption-attachment-372788" class="wp-caption-text">
  Graph showing BTC open interest divided by market cap in 2023 (Source: <a href="https://studio.glassnode.com/">Glassnode</a>)
 </figcaption>
</figure> 
<p>In contrast, Ethereum witnessed a notable surge in open interest following the news of BlackRock’s spot <a href="https://cryptoslate.com/eth-crosses-2k-as-blackrocks-ethereum-trust-filing-surfaces/">Ethereum ETF filing</a>. This resulted in a more than 17% increase in 24 hours, equal to around $8 billion in notional value. Consequently, Ethereum’s open interest as a percentage of its market cap surpassed 2.65% – one of the highest levels witnessed this year.</p> 
<figure id="attachment_372789" aria-describedby="caption-attachment-372789" style="width: 100%" class="wp-caption aligncenter">
 <figcaption id="caption-attachment-372789" class="wp-caption-text">
  Graph showing open interest by ETH open interest divided by market cap in 2023 (Source: Glassnode)
 </figcaption>
</figure> 
<p>The post <a href="https://cryptoslate.com/insights/ethereum-etf-filing-triggers-open-interest-as-bitcoin-steadies/">Ethereum ETF filing triggers spike in open interest as Bitcoin steadies</a> appeared first on <a href="https://cryptoslate.com">CryptoSlate</a>.</p>

Ethereum ETF filing triggers spike in open interest as Bitcoin steadies

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