Ethereum Futures Volume don climb +82% reach $118B; Global $2.12T
For July, Ethereum futures volume for CME blow up 82% month-on-month to $118 billion, while open interest jump from $2.97 billion for June to $5.21 billion, CoinGlass data show. For all exchanges, global Ethereum futures turnover reach $2.12 trillion, up 38% year-on-year and 13% pass May 2021 record, with total open interest nearly reach new high of $36.3 billion by August 9. At the same time, ETH price break above $4,300, hit peak of $4,350 early August — 14% below November 2021 all-time high. Funding rates dey moderate, reduce leverage risks, and Google search interest for ETH don reach levels wey no don happen since June 2022. CryptoAppsy report ETH dey trade around $4,303, up 0.78% for 24 hours, 18.6% for one week and 45.5% for last month, show strong market momentum.
Bullish
Sharp increase for Ethereum futures trading volume plus open interest show say more institutional people dey join and liquidity dey grow, as ETH price bounce back pass $4,300 and moderate funding rates mean say market dey healthy with small risk for leverage. For short term, high volumes and strong momentum fit attract more speculative buyers wey fit push price further. For long term, record global turnover and constant growth for open interest mean say market fundamentals strong, supporting continued bullish trend for Ethereum.