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Ethereum (ETH) Leads the Way as Crypto OI Spikes to $37 Billion

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Sun, 08/22/2021 - 17:08
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Vladislav Sopov
Open interest (net value of unsettled derivatives contracts) on crypto markets is back to May levels
Ethereum (ETH) Leads the Way as Crypto OI Spikes to $37 Billion
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As cryptocurrency market capitalization is surging again after a painful multi-week drop, aggregate open interest on cryptocurrencies futures contracts adds more than 50% in one month.

Crypto futures OI spikes to $37 billion

According to data shared by Bybt analytical dashboard, net open interest across major cryptocurrencies futures contracts surged from $22 billion to $37 billion in the past 30 days.

This integral metric should be referred to as an indicator of increased market activity. At the same time, adds Chinese cryptocurrency journalist and insider Colin Wu, an upsurge in volatility may also be in the cards.

Also, Mr. Colin Wu noticed that open interest on Ethereum (ETH) futures is growing faster than that of the flagship cryptocurrency.

For the last time, cryptocurrency markets OI was that high in late May 2021, during the last few days of the previous wave of the bullish crypto rally.

Crypto market capitalization touched three-month high, flirts with $2.2 trillion level

This upsurge goes hand in hand with a massive increase of major crypto prices. For instance, Cardano (ADA) has soared to a new all-time high over $2.55, as covered by U.Today previously.

Related
Cardano’s ADA Hits New All-Time High at $2.55

Yesterday, on Aug. 22, 2021, Bitcoin (BTC) stopped one step away from reaching a major milestone at $50,000 unseen since early May 2021.

After touching the local peak at $3,321, Ethereum (ETH) failed to hold above $3,300. Aggregated capitalization of the cryptocurrencies market is estimated at $2.182 trillion by leading independent data tracking service CoinGecko.

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About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)