Ethereum Derivatives Open Interest Don Pass $30B as ETH Price Jumps
Ethereum derivatives open interest jump waka $1.9B come reach $24.5B for just one day, then e clear $30B as ETH price waka pass $4,400. Dis rapid rise for open interest mean sey leverage and speculative positions for Ethereum derivatives market dey rise. High leverage don cause big liquidations, including $119M for ETH positions inside 12 hours and $140M inside 24 hours, which add up to $284M total crypto futures liquidations. Glassnode on-chain metrics show sey realized ETH profit-taking don bounce back to $553M every day. Traders suppose dey watch Ethereum derivatives open interest and liquidation data well-well. High open interest and leverage mean say volatility go high and risk of sudden price drop dey, while long-term trend depend on steady demand for ETH derivatives.
Neutral
High open interest for Ethereum derivatives and di rising ETH price show say market people dey active well well and say e fit get strong bullish movement. But, higher leverage mean say di risk for mass liquidation and sharp price kpof kpof dey increase, wey fit cause higher volatility. Short term, traders dey face big risk of liquidation, while for long term, e depend on whether demand for ETH derivatives go last. These mixed factors dey create uncertain price outlook, wey lead to neutral market impact.