PiCK
[Analysis] "Ethereum and Binance open interest at all-time highs... further upside potential"
Suehyeon Lee
Summary
- Ethereum (ETH) has renewed its all-time high at $4,887.
- Binance open interest has reached a record $12.74 billion.
- The simultaneous rally in the spot market and rise in futures open interest suggest there is further upside potential until the futures market shows signs of overheating.
Ethereum (ETH) has renewed its all-time high at $4,887, and Binance open interest has also reached a record level, suggesting there is further upside potential.
On the 23rd (local time), CryptoQuant author burakkesmeci reported, "Ethereum hit a new all-time high of $4,887, and at the same time, Binance open interest reached a record high of $12.74 billion."
He continued, "After dovish comments from Jerome Powell, Chairman of the Fed, the spot market rally reignited and Ethereum set a new high," adding, "As the rally in the spot market and the rise in futures open interest happen together, there is further upside potential for Ethereum until the futures market becomes overheated."
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
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