Ethereum

FLOKI

Spot

A <a href="https://coingape.com/false-sec-approval-alert-spot-bitcoin-etf-decision-still-pending/" target="_blank" rel="noopener noreferrer nofollow">fake approval post</a> from the SEC regarding a Spot Bitcoin ETF sent shockwaves through the crypto market, impacting both Bitcoin and Ethereum Open Interest (OI). In addition, this incident triggered a volatile day for Bitcoin prices, which in turn led to a significant drop in Bitcoin Futures Open Interest (OI).
However, amid a slip in Bitcoin OI, the Ethereum Futures Open Interest witnessed an unprecedented surge, indicating a shift in market sentiment.
<h2 id="ethereum-oi-soars-as-btc-faces-backlash-amid-fake-etf-approval-drama">Ethereum OI Soars As BTC Faces Backlash Amid Fake ETF Approval Drama</h2>
The SEC found itself <a href="https://coingape.com/us-sec-behind-spot-bitcoin-etf-approval-mix-up-bloomberg-analyst/" target="_blank" rel="noopener noreferrer nofollow">embroiled in controversy</a> after an unauthorized post on its official X handle falsely claimed approval for a Spot Bitcoin ETF. This misinformation sparked enthusiasm among crypto enthusiasts, only to be quelled when SEC Chair Gary Gensler clarified that no such approval had been granted, revealing a compromised official handle.
Meanwhile, as a consequence, the crypto community expressed strong dissatisfaction, accusing the U.S. SEC of market manipulation. Notably, according to CoinGlass <a rel="noopener noreferrer nofollow" href="https://www.coinglass.com/BitcoinOpenInterest" target="_blank">data</a>, Bitcoin Futures Open Interest plummeted by 3.29% over the last 24 hours to 431.76K BTC or $19.69 billion, reflecting the impact of the misleading information on investor confidence.
In contrast, while <a href="https://coingape.com/glossary/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> faced a downturn, Ethereum emerged as a resilient player in the market. Ethereum Futures Open Interest witnessed an impressive surge of 12.08% over the past 24 hours, reaching 3.33 million ETH or $8.05 billion. This surge was mirrored on various platforms, with Binance recording a 10.39% increase and Bybit experiencing a remarkable 16.07% jump in Ethereum OI.
Also Read: <a href="https://coingape.com/breaking-blackrock-and-ark-21shares-slash-bitcoin-etf-fees-in-new-s-1-filings/" target="_blank" rel="noopener noreferrer nofollow">BlackRock and ARK 21Shares Slash Bitcoin ETF Fees In New S-1 Filings</a>
<h2 id="price-changes-amid-market-turbulence">Price Changes Amid Market Turbulence</h2>
The crypto market was down on Wednesday, which several experts attributed to the recent SEC chaos. Meanwhile, as of writing, the global crypto market cap was down 1.14% to $1.71 trillion, while the trading volume ticked up 2.81% to $83.95 billion.
Notably, the <a href="https://coingape.com/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin price</a> was down 3.74% to $44,915.91 during writing, after hitting a high of $47,898.70 in the last 24 hours. On the other hand, the <a href="https://coingape.com/price/ethereum/" target="_blank" rel="noopener noreferrer nofollow">Ethereum price</a> noted gains of 3.17% over the last 24 hours and traded at $2,371.42. Notably, the ETH has touched a high of $2,410.96 today.
Meanwhile, this contrasting performance between Bitcoin and Ethereum indicates a dynamic shift in investor sentiment. As Bitcoin grapples with the aftermath of the fake <a href="https://coingape.com/education/bitcoin-spot-etf/" target="_blank" rel="noopener noreferrer nofollow">spot Bitcoin ETF</a> approval saga, Ethereum appears to be gaining momentum, attracting renewed interest and investment within the crypto space.
Also Read: <a href="https://coingape.com/binance-delists-btc-eth-bnb-ltc-floki-spot-trading-pairs/" target="_blank" rel="noopener noreferrer nofollow">Binance Delists BTC, ETH, BNB, LTC, FLOKI Spot Trading Pairs</a>
The post <a href="https://coingape.com/ethereum-oi-soars-as-fake-etf-approval-sends-bitcoin-futures-diving/" rel="noopener noreferrer nofollow">Ethereum OI Soars As Fake ETF Approval Sends Bitcoin Futures Diving</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Ethereum OI Soars As Fake ETF Approval Sends Bitcoin Futures Diving

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