CME Ethereum Open Interest Hit Record, Spark Price Rebound
Ethereum open interest for Chicago Mercantile Exchange (CME) futures don reach record high of 14.25 million ETH (~$8.3 billion) on August 20. Dis ogbonge increase, wey come from institutional futures buyers plus spot ETH ETF inflows, happen as crypto market dey generally low. When Ethereum open interest high, e fit mean say market fit move sharp sharp. This time e happen make price bounce back by 4.09% to put ETH pass $4,300. High open interest mean say traders dey use plenty leverage and get strong belief. CryptoQuant analysts dey warn say high futures position fit sharp increase market volatility through liquidations and changes for funding rates. Traders need dey watch Ethereum open interest, ETF flow data, and funding rates well to sabi if momentum fit last and how to manage risk.
Bullish
Record-high Ethereum open interest dey show say institution dem get strong demand and leverage. Di increase happen wen price bounce back above $4,300, wey mean say buying momentum don dey fresh again. Historically, high open interest don always come before big price rallies. Even though high futures positioning fit cause more volatility through liquidations and funding rate changes, e still look like di market get steady bullish momentum for short and long term.