The biggest altcoin Ethereum has been breaking records lately. Exceeding $2,800 after a long time ETHhas now broken a record on the cryptocurrency derivatives exchange Deribit.
According to the news of The Block, Ethereum Open interest in futures reached an all-time high on Deribit.
on Deribit Ethereum While there has been an increase in the futures funding rate since the beginning of February, the value of open positions on Deribit is currently over $690 million.
This increase in Ethereum futures open positions indicates that the demand for long positions in Ethereum has increased.
In other words, this increase in Ethereum open positions ETH It shows that he expects the price to increase in the future and takes a position in this direction.
This expectation stems from a potential SEC approval of spot Ethereum ETFs next May.
“Deribit data shows that demand for long-term positions in the ETH derivatives market is increasing. The increase may reflect a bullish trend towards Ethereum; This shows that more investors are expecting an upward movement in the Ethereum price in the coming months.”
Ethereum continues to trade at $2,789 at the time of writing.
*This is not investment advice.
For exclusive news, analysis and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android And iOS Start live price monitoring now by downloading our applications!