Interest in Ethereum Futures Rises to Highest Level Since December 2021: CoinGlass
According to data from CoinGlass, the open interest in Ether futures reached over $10 billion on Tuesday. This was the first time since early December 2021 that the contract amount had reached this level.
On Binance, Bybit, and OKX exchanges, the open interest in ETH on February 20 reached $3.4 billion, $1.94 billion, and $1.36 billion respectively.
This significant increase in futures volume indicates that traders anticipated a rise in the price of Ether above $3,000 in the near future, which has already happened.
On Wednesday, February 21, the price of ETH rose to $2,973 and over the past 7 days, its market capitalization has increased by 13.7% to reach $357.448 billion.
During this timeframe, the exchanges also saw a cancellation of ETH positions worth $53.15 million. Despite weak address activity, ETH continues to increase in value.
The average daily number of wallets sending and receiving funds has remained stable at around 430,000 since mid-January.
