ethereum has seen open interest in perpetual futures increase on major centralized crypto derivatives exchanges since early February.
The accumulated open interest for eth futures now exceeds $10.1 billion, as reported by glass coin.
crypto Derivatives Exchange eth” data-type=”link” data-id=”https://metrics.deribit.com/futures/eth” target=”_blank” rel=”noopener”>He will take it down has recorded an all-time high in the total number of outstanding ether perpetual futures contracts, with open interest exceeding $690 million.
Unlike traditional futures, perpetual contracts have no expiration date, allowing traders to hold positions indefinitely.
The recent rise in open interest indicates an increase in trading activity and interest in ether derivatives, possibly due to speculation, market attention, or hedging strategies related to the cryptocurrency.
This bullish trend coincides with anticipations of potential market-moving events, such as the possible approval of a spot Ether ETF by the US Securities and Exchange Commission.
Among other investment firms, Franklin Templeton has recently initiated moves to launch a spot ether ETF, indicating growing institutional interest.
<img loading="lazy" decoding="async" width="1024" height="809" src="https://crypto.news/app/uploads/2024/02/ETHUSDT_2024-02-16_10-32-13-1024×809.png” alt=”ethereum Perpetual Futures Open Interest Hits Record Level – 2″/>
Furthermore, the funding rate for ether perpetual futures on Deribit has increased from 0.00045% to 0.035% since the beginning of February, indicating increased demand for long positions.
This change suggests a bullish sentiment among traders, predicting a possible price increase for eth, which recently rose 1.57% to $2,841.
