[Analysis] "Ethereum (ETH) Plunge Shakes Derivatives, $1 Billion Open Interest Evaporates"
Minseung Kang
Summary
- It was reported that the open interest (OI) in the derivatives market evaporated by over $1 billion due to the plunge of Ethereum (ETH).
- The analyst stated that the scale of open interest has returned to the level of a week ago.
- It was added that there could be high volatility unless it reaches the $1,750 support level.
Ethereum (ETH) continues its bearish trend, hitting a weekly low, and it's reported that Ethereum's open interest (OI) in the derivatives market, including futures, has also plummeted.
On the 28th, virtual asset (cryptocurrency) analyst Dan Crypto Trades stated on X (formerly Twitter), "Ethereum's open interest has evaporated by over $1 billion. The scale of open interest has returned to the level of a week ago."
The analyst added, "I don't care much about Ethereum. There could be high volatility until it surpasses $2,100 again or reaches the $1,750 support level."
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
