Binance's Ethereum Futures Open Interest Surges 41%... "Sign of Increased Institutional Participation"
Summary
- Institutional buying pressure is expanding in the Ethereum futures market, with Binance's open interest increasing by 41% over the past 30 days, reaching $5.1 billion.
- Binance holds the top position among exchanges in terms of Ethereum futures open interest market share, with approximately 30%, making it an important platform in the market.
- The surge in Ethereum could signal a future altcoin rotation rally.
An analysis has emerged that institutional buying pressure is expanding in the Ethereum (ETH) futures market.
On the 23rd, cryptocurrency specialist media CoinDo cited CryptoQuant data, stating, "In the past 30 days, Ethereum futures open interest (OI) on Binance has increased by about 41%, reaching $5.1 billion."
Furthermore, "Currently, the total Ethereum futures OI across all exchanges is around $17 billion, with Binance holding a market share of about 30%, the highest among single platforms," it added.
CryptoQuant diagnosed, "The surge in OI indicates an upward trend based on structured futures positions rather than simple spot buying pressure." ETH surged approximately 65% from $1,600 to $2,650 during the same period.
It continued, "When Ethereum leads the rise, altcoins often follow," predicting that "this breakthrough could be a signal for a future altcoin rotation rally."
Meanwhile, open interest refers to contracts in derivatives like futures and options that have not yet been settled. An increase in open interest means that funds are flowing into the market.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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