Ethereum Futures Open Interest Hits All-Time High Following ETF Approvals

Ethereum has experienced a significant increase since the U.S. Securities and Exchange Commission (SEC) approved a group of spot ether exchange-traded funds (ETFs). This week, ether reached a high of $3,980 per coin, which is approximately 18.4% below its all-time high. Amid fluctuating prices, ethereum futures markets have achieved a record high in open interest.

Ether Futures Markets Reach Record Levels

In the midst of the dynamic activity on ethereum spot markets, ether derivatives have also seen substantial demand. Ether futures open interest has reached unprecedented levels. Concurrently, the aggregated open interest (OI) in ethereum (ETH) options has been hovering near all-time high levels. As of May 28, 2024, the total open interest in ethereum futures stands at about $17.05 billion.

Ethereum open interest according to coinglass.com data.

High open interest in ethereum futures and options contracts generally indicates increased trading activity and interest from both institutional and retail investors. This heightened ether open interest can lead to greater price volatility as traders actively manage their positions, potentially signaling an upcoming significant price movement. Currently, the aggregated open interest in ether options contracts is $10.99 billion.

Regarding futures, out of the $17.05 billion in OI, Binance leads with $6.14 billion. Bybit follows with $3.48 billion, and Okx holds $2.18 billion. In the options market, Deribit dominates with $9.77 billion of the $10.99 billion aggregate. Following Deribit are Okx, Binance, and Delta Exchange, respectively.

On spot markets, ETH has risen 33.3% over the past two weeks, while 30-day statistics show a 16.9% gain. Although ETH recently came closer to its all-time high, it is now 20.9% below the peak of $4,878 per unit set on Nov. 10, 2021. The increase in ethereum’s value, following the approval of spot ether ETFs, has not only impacted spot markets but has also significantly boosted the derivatives segment.

What do you think about ethereum’s derivatives market action? Share your thoughts and opinions about this subject in the comments section below.

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