Ethereum

Franklin

Read

Daily

Ethereum has seen open interest in perpetual futures increase across major centralized crypto derivatives exchanges since early February. 
The cumulative open interest for <a href="https://crypto.news/price/ethereum/">ETH</a> futures is now over $10.1 billion, as reported by <a href="https://www.coinglass.com/BitcoinOpenInterest" data-type="link" data-id="https://www.coinglass.com/BitcoinOpenInterest" target="_blank" rel="noopener">CoinGlass</a>. 
Crypto derivatives exchange <a href="https://metrics.deribit.com/futures/ETH" data-type="link" data-id="https://metrics.deribit.com/futures/ETH" target="_blank" rel="noopener">Derebit</a> has recorded an all-time high in the total number of outstanding perpetual futures contracts for ether, with open interest exceeding $690 million. 
<figure class="wp-block-image size-full is-resized">
 <img loading="lazy" decoding="async" width="626" height="377" src="https://crypto.news/app/uploads/2024/02/ether-futures-perpetual-open-interest.webp" alt="Ethereum perpetual futures open interest reaches record high - 19" class="wp-image-14249426" style="width: 100%;height:auto">
</figure> 
 You might also like: <a href="https://crypto.news/ethereum-layer-2-tvl-hits-21b-reaching-all-time-high/"> Ethereum Layer-2 TVL hits $21b, reaching all-time high </a> 
Unlike traditional futures, <a href="https://crypto.news/learn/what-is-a-perpetual-swap-contract-2/" data-type="link" data-id="https://crypto.news/learn/what-is-a-perpetual-swap-contract-2/">perpetual contracts</a> do not have an expiration date, allowing traders to maintain positions indefinitely. 
The recent surge in open interest indicates a boost in trading activity and interest in ether derivatives, possibly due to speculation, market attention, or hedging strategies related to the cryptocurrency. 
This uptrend coincides with anticipations of potential market-moving events, such as the possible approval of a <a href="https://crypto.news/asset-managers-predict-50-50-chance-for-ethereum-etf-approval-by-may/" data-type="link" data-id="https://crypto.news/asset-managers-predict-50-50-chance-for-ethereum-etf-approval-by-may/">spot Ether ETF</a> by the US Securities and Exchange Commission. 
Among other investment firms, <a href="https://crypto.news/franklin-templeton-enters-competition-to-introduce-spot-ether-etf/" data-type="link" data-id="https://crypto.news/franklin-templeton-enters-competition-to-introduce-spot-ether-etf/">Franklin Templeton</a> has recently initiated steps towards launching a spot ether ETF, indicating growing institutional interest. 
<figure class="wp-block-image size-large">
 <a href="https://crypto.news/price/ethereum/"><img loading="lazy" decoding="async" width="1024" height="809" src="https://crypto.news/app/uploads/2024/02/ETHUSDT_2024-02-16_10-32-13-1024x809.png" alt="Ethereum perpetual futures open interest reaches record high - 20" class="wp-image-14249427"></a>
 <figcaption class="wp-element-caption">
 Daily Ethereum price from Crypto.News
 </figcaption>
</figure> 
Additionally, the funding rate for ether perpetual futures on Deribit has risen from 0.00045% to 0.035% since February’s start, signaling an increased demand for long positions. 
This shift suggests a bullish sentiment among traders, forecasting a potential price increase for <a href="https://crypto.news/price/ethereum/" data-type="link" data-id="https://crypto.news/price/ethereum/">ETH</a>, which recently rose 1.57% to $2,841. 
 Read more: <a href="https://crypto.news/ethereum-milestone-bring-weekly-gains-13-percent/"> Ethereum price crosses milestone to bring weekly gains to 13% </a>

Ethereum perpetual futures open interest reaches record high

crypto.news

Other articles published on Feb 16, 2024

Coinbase Tokenizes Financial Earnings Record as NFT

New research unveils why Bitcoin and Ethereum remain untouchable

14 Million Bridged to Solana via deBridge Finance in One Week

Altcoin Season Days Away! These 3 Move First!

‘Fake Satoshi’ Craig Wright fumbles under intense questioning

Best No Account Casinos to Play Without Registration in 2024

Join our free newsletter for daily crypto updates!