What Are Bulls Up To? 10.84 Million Ethereum (ETH) in a Day?
U.Today: Significant progress has been made in the ecosystem as Ethereum (ETH) fights price swings and tries to hold onto the $2,000 level. Notably, open interest increased by 2.61% during the past day, indicating that Ethereum bulls are actively trading the coin.
Open interest in Ethereum reaches 10.84 million ETH.
Ethereum futures traders have committed 10.84 million ETH in open interest, per CoinGlass statistics. At the current market pricing, this is worth about $22.03 billion, indicating that coin holders are feeling more confident.
For comparison, within the same period, open interest in Bitcoin, the most popular digital asset, has decreased. Since only 630,990 BTC were pledged by investors, Bitcoin’s open interest has decreased by 3.77%.
Notably, this statistic is still essential for market players and investors who want to know how an asset is doing in the cryptocurrency field. These investors are optimistic about an impending surge as more traders enter the Ethereum derivatives market.
The price of Ethereum was trading at $2,025.73 at the time of writing, down 2.36% over the previous day. Nonetheless, trade volume has climbed to $12.65 billion, a minor gain of 14.50%. The higher open interest numbers are consistent with this.
Is Ethereum able to reach the $6,000 target?
A more thorough examination of the data reveals that these Ethereum traders, who account for 20.63% of the 10.84 million ETH total, are more focused on Binance. Other exchanges with a strong track record of bullish activity were Bitget (12.06%) and Gate.io (19.45%).
Since the cryptocurrency industry is still in its consolidation period, analysts have expressed differing opinions about Ethereum. According to seasoned trader Peter Brandt, if ETH can maintain support at $2,150, it may reach $6,000 in the future.
On behalf of Bitwise, the NYSE has submitted a new Ethereum exchange-traded fund (ETF) proposal in the larger cryptocurrency ecosystem. The goal of the move is to give the Bitwise Ethereum ETF staking capabilities. The Ethereum price prognosis may improve as a result of this promising ecosystem view.
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