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