Ethereum Open Interest Rises By $1.5 Billion – What This Means

Quick Summary:

Data from Farside Investors identifies Grayscale’s ETHE with a total outflow of $1.51 billion as the major cause of this current market position.   Meanwhile, BlackRock’s ETHA continues to lead the market with inflows worth $354.8 million, followed closely by Bitwise’s ETHW with $265.9 million.  Like their Bitcoin counterparts, the debut of the Ethereum spot ETF has been accompanied by a significant price drop.

Related Reading: Ethereum Whales Rapidly Accumulate ETH Amid Price Decline Ethereum Spot ETFs Net Outflows Reach $469 Million In another development, the newly launched Ethereum Spot ETF market has now recorded a cumulative outflow of $469.83 million in its first three days of trading.

Furthermore, This increase in leverage trading liquidations is expected to produce a high market volatility, resulting in unpredictable and rapid price movements.  In regards to price action, a rise in Open Interest indicates the current market trend is gaining stronger.

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Article Details

Author / Journalist: Semilore Faleti

Category: Crypto

Markets: United Kingdom

Topics: Ethereum Ethereum Burrakesmeci Quicktake Ethusd Cryptoquant ETH spot ETF ETHUSDT

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-27 @ 11:30:16 (15 hours ago)

News Timezone: GMT +8:00

News Source URL: newsbtc.com

Language: English

Article Length: 452 words

Reading Time: 3 minutes read

Sentences: 68 lines

Sentence Length: 7 words per sentence (average)

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Copyright Owner: © NewsBTC

News ID: 21791619

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