Ethereum OI Soars As Fake ETF Approval Sends Bitcoin Futures Diving
A fake approval post from the SEC regarding a Spot Bitcoin ETF sent shockwaves through the crypto market, impacting both Bitcoin and Ethereum Open Interest (OI). In addition, this incident triggered a volatile day for Bitcoin prices, which in turn led to a significant drop in Bitcoin Futures Open Interest (OI).
However, amid a slip in Bitcoin OI, the Ethereum Futures Open Interest witnessed an unprecedented surge, indicating a shift in market sentiment.
Ethereum OI Soars As BTC Faces Backlash Amid Fake ETF Approval Drama
The SEC found itself embroiled in controversy after an unauthorized post on its official X handle falsely claimed approval for a Spot Bitcoin ETF. This misinformation sparked enthusiasm among crypto enthusiasts, only to be quelled when SEC Chair Gary Gensler clarified that no such approval had been granted, revealing a compromised official handle.
Meanwhile, as a consequence, the crypto community expressed strong dissatisfaction, accusing the U.S. SEC of market manipulation. Notably, according to CoinGlass data, Bitcoin Futures Open Interest plummeted by 3.29% over the last 24 hours to 431.76K BTC or $19.69 billion, reflecting the impact of the misleading information on investor confidence.
In contrast, while Bitcoin faced a downturn, Ethereum emerged as a resilient player in the market. Ethereum Futures Open Interest witnessed an impressive surge of 12.08% over the past 24 hours, reaching 3.33 million ETH or $8.05 billion. This surge was mirrored on various platforms, with Binance recording a 10.39% increase and Bybit experiencing a remarkable 16.07% jump in Ethereum OI.
Also Read: BlackRock and ARK 21Shares Slash Bitcoin ETF Fees In New S-1 Filings
Price Changes Amid Market Turbulence
The crypto market was down on Wednesday, which several experts attributed to the recent SEC chaos. Meanwhile, as of writing, the global crypto market cap was down 1.14% to $1.71 trillion, while the trading volume ticked up 2.81% to $83.95 billion.
Notably, the Bitcoin price was down 3.74% to $44,915.91 during writing, after hitting a high of $47,898.70 in the last 24 hours. On the other hand, the Ethereum price noted gains of 3.17% over the last 24 hours and traded at $2,371.42. Notably, the ETH has touched a high of $2,410.96 today.
Meanwhile, this contrasting performance between Bitcoin and Ethereum indicates a dynamic shift in investor sentiment. As Bitcoin grapples with the aftermath of the fake spot Bitcoin ETF approval saga, Ethereum appears to be gaining momentum, attracting renewed interest and investment within the crypto space.
Also Read: Binance Delists BTC, ETH, BNB, LTC, FLOKI Spot Trading Pairs
- Coinbase To List Binance Coin (BNB) Amid ‘Listing Fee’ Saga
- Fed’s Stephen Miran Calls for Rapid Rate Cuts Amid U.S.-China Trade Tensions
- Peter Thiel-Backed Crypto Bank Erebor Gets OCC Greenlight as Ripple, Circle Await Charter Decisions
- Fed Chair Shortlist Now Down to Five Candidates, Scott Bessent Confirms
- Bitwise CIO Calls Crypto Crash a ‘Blip’ as Market Bounces Back With $338M ETF Inflows
- Cardano Price Teeters as Whales Exit and Bearish Signal Emerges
- Sui Price Targets $9.5 as Figure Brings SEC-Approved Yield Token YLDS to Sui
- Chainlink Price Eyes $100 as S&P Global Partnership Expands Institutional Adoption
- Solana Price Prediction as Whales Withdraw $169M from Exchanges
- Pro Says Ethereum Price is a Buy Despite Rising Liquidations and BlackRock Selling
- XRP Price Prediction as Whales Dump 2.23B Tokens — Is $2 the Next Stop?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
