Summary
- It reported that among major altcoins, Ethereum, Ripple, and Binance Coin's perpetual futures open interest surged.
- It said Solana's open interest declined due to reduced speculative demand and short positions.
- It said the market is showing high interest in the future direction of the respective altcoins due to these open interest changes.
An analysis showed that the sizes of perpetual futures open interest (OI) for major altcoins diverged.
On the 17th (local time), Glassnode said on X (formerly Twitter), "The open interest of major altcoins showed mixed results," adding, "Solana (SOL) saw open interest decline due to reduced speculative demand and short (sell) positions."
Meanwhile, Ethereum (ETH), Ripple (XRP), and Binance Coin (BNB) saw open interest increase significantly as leveraged trading surged. Glassnode analyzed, "The market is showing high interest in the future direction of these altcoins."
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
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