NewsletterBreaking: CME Ethereum Open Interest Hits $1 Billion For the First Time
The Open Interest (OI) of CME Ethereum Futures hit $1 billion today for the first time. The soaring OI valuation indicates the growing bullish trend in the market. The massive jump in Ether OI comes within hours of $ETH reclaiming its position above $4,000. The OI jumped more than twice the average of $417 million.
Open Interest in the Futures market represents the total number of futures contracts held by market participants at the end of the trading day. This indicator helps in determining market sentiments and price trends. If the OI of a particular asset is on a constant climb, it indicates the ongoing price momentum would continue, and if the OI is on a decline, the price momentum is on the verge of a trend reversal.
CME Ether Futures trade indications are thus a reliable market indicator. At present $ETH is trading at $4,197 with a 9% rise over the past 24-hours. It is currently just 3% short of its ATH above $4,300. Looking at the growing OI value, the price is expected to continue the bullish momentum.
Ethereum Whales Accumulation Soars
As the price of Ethereum approaches all-time-high top tiers whales have started accumulating in hoards. Crypto analytic firm Santiment shared data revealed that top-tier whales with $1 million to $10 million in holdings have added 13.9 % additional ETH over the past 10 weeks.
Another bullish sentiment playing in Ether’s favor is the upcoming integration to Proof-of-stake ETH 2.0. The exchange supply of $ETH is already near all-time lows as traders continue to shift their holdings away from exchanges.
As Bitcoin touched a new ATH and price predictions of $100K began to flood social media again. $ETH proponents also came up with their $ETH price predictions, where many gave a $10K target by the end of the year while several others predicted $15K as well. Elon Musk also shared memes around the price of $BTC and ETH after quite some time. The 69-420 meme predicted the price of $BTC to reach $69K, while $ETH at $4,200.
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