Summary
- Ethereum (ETH)'s open interest is nearing $8.7 billion, indicating a surge in speculative positions.
- The funding rate remains neutral, meaning futures traders have not become excessively biased in one direction.
- As of 8:37 AM that day, Ethereum is trading at $3,717, up 5.88% from the previous day.
An analysis has emerged stating that the neutral stance among investors in the Ethereum (ETH) futures market could enable further upward movement.
On the 5th (KST), Boris Best, a contributor at CryptoQuant, reported that “Ethereum’s open interest on Binance is approaching an all-time high of $8.7 billion, indicating a surge in speculative positions.”
However, despite the surge in speculative positions, the funding rate remains neutral. The contributor explained, "Looking at the funding rate, futures traders are still maintaining neutrality," adding, "This suggests that the market hasn’t excessively tilted in one direction and that more positions could accumulate."
Meanwhile, as of 8:37 AM on this day, Ethereum is trading at $3,717, up 5.88% from the previous day according to CoinMarketCap.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
