Ethereum has seen a notable surge in value after the Securities and Exchange Commission (SEC) in the United States approved a selection of exchange-traded funds (ETFs) focused on spot ether. This week, the price of ether reached a peak of $3,980 per coin, which is approximately 18.4% below its all-time high. Amidst the fluctuating prices, the market for ethereum futures has reached an all-time high in terms of open interest.
The demand for ether derivatives has been significant alongside the dynamic activity on the ethereum spot market. Open interest in ether futures has reached unprecedented levels, while the total open interest in ethereum options is hovering near its all-time high. As of May 28, 2024, the total open interest in ethereum futures stands at approximately $17.05 billion.
The high open interest in ethereum futures and options contracts generally indicates increased trading activity and interest from both institutional and retail investors. This heightened interest in ether can lead to greater price volatility as traders actively manage their positions, potentially signaling a significant price movement in the near future. Currently, the aggregated open interest in ether options contracts is $10.99 billion.
In terms of futures, Binance is leading with an open interest of $6.14 billion out of the total $17.05 billion. Bybit follows with $3.48 billion, and Okx holds $2.18 billion. In the options market, Deribit dominates with an open interest of $9.77 billion out of the total $10.99 billion. Okx, Binance, and Delta Exchange follow in terms of open interest.
On the spot markets, the price of ETH has increased by 33.3% over the past two weeks, with a gain of 16.9% according to 30-day statistics. Although ETH recently came close to its all-time high, it is currently 20.9% below the peak of $4,878 per unit set on November 10, 2021. The increase in ethereum's value following the approval of spot ether ETFs has not only impacted the spot markets but has also significantly boosted the derivatives segment.
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