ETH Futures Open Interest Don Hit $35.5B as Price Near High
Ethereum price don climb near im all-time high, e make ETH futures open interest shoot to record $35.5 billion, Glassnode talk so. For August 12, market clear $66 million worth short positions wey dem liquidate, na di second-biggest short squeeze of di year. At di same time, ETH options open interest rise reach 2023 high of $16.1 billion, call premium spending pass puts, show say paid upside convexity dey. Di mix jump for futures and options activity show say confidence for ETH dey grow, e also hint say gbege fit show soon. Traders suppose dey watch ETH futures open interest and liquidations well, because dem fit give clear sign wen to enter or comot. Di data suggest say hope dey make market people dey rebuild leverage, e strengthen di good vibes for Ethereum price for short term.
Bullish
Record ETH futures open interest and elevated options open interest dey show say traders get strong belief say price go rise as dem dey rebuild leverage. Di $66 million short squeeze show say supply tight and e add momentum to di price rally. Even though increased leverage fit cause short-term volatility through liquidation, di consistent growth for futures and options activity mean say demand for Ethereum longs strong. Together, these factors dey support positive outlook for ETH both near term and long term.