After Rally to $1,600, Open Interest on Ethereum Futures Hits New All-Time High

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Wed, 02/03/2021 - 19:44
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Alex Dovbnya
Open interst on Ethereum futures is now above $5.6 billion
After Rally to $1,600, Open Interest on Ethereum Futures Hits New All-Time High
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Open interest on Ethereum futures has hit a new all-time high, soaring above $5.6 billion, according to data provided by Bybt.

Bybt
Image by bybt.com

This came after the cryptocurrency surpassed the $1,600 level for the first time in its history amid a double-digit rally earlier today.

Binance is the number one destination for trading Ether futures with nearly $1.5 billion worth of open interest (OI).

Bybit and Huobi come in second and third places, respectively. They are followed by OKEx and FTX.

Notably, the BitMEX exchange, whose launch of the ETHUSD perpetual swap in August 2018 marked the start of a brutal bear market for the second-largest cryptocurrency, didn’t make it to the top 5.

Related
Guggenheim CIO Says Bitcoin Could Reach $600,000
Brace for CME’s foray      

While Ethereum is red-hot right now, things could get shaky with the nearing launch of CME Group’s Ether futures.

JPMorgan’s Nikolaos Panigirtzoglou recently mentioned that the launch of the new product on Feb. 8 could lead to “negative price dynamics.”

The launch of CME’s Bitcoin futures coincided with the top of the previous market that was followed by long-lasting crypto winter.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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