{"id":631843,"date":"2024-07-27T11:30:16","date_gmt":"2024-07-27T11:30:16","guid":{"rendered":"https:\/\/wncen.com\/?p=631843"},"modified":"2024-07-27T08:45:58","modified_gmt":"2024-07-27T08:45:58","slug":"ethereum-open-interest-rises-by-1-5-billion-what-this-means","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/ethereum-open-interest-rises-by-1-5-billion-what-this-means\/","title":{"rendered":"Ethereum Open Interest Rises By $1.5 Billion – What This Means"},"content":{"rendered":"

Ethereum (ETH) recorded a significant loss in price this week following the trading debut of Ethereum spot ETFs.<\/a> According to data from CoinMarketCap<\/a>, ETH has declined by 6.60% in the last seven days, falling as low as $3,100. However, amidst this price crash, CryptoQuant analyst burakkesmeci has made an important observation with a potential impact on market movement.
\n<\/span><\/p>\n

Related Reading: Ethereum Targets Recovery: Can It Mirror Bitcoin\u2019s Performance?<\/a><\/div>\n

Ethereum Open Interest Surges By $1.5 Billion In Three Weeks<\/strong><\/h2>\n

In a Quicktake post<\/a> on CryptoQuant, burrakesmeci shared that the Open Interest (OI) on Ethereum has risen by a remarkable $1.5 billion in the past three weeks. For context, Open Interest refers to the total number of outstanding positions for a particular asset.<\/span><\/p>\n

Generally, an increase in Open Interest indicates a rise in market participation for any asset i.e., more traders are opening long or short positions on Ethereum. With this rise in open positions, there is likely an equal increase in the number of leverage trades.\u00a0<\/span><\/p>\n

Burakkesmeci expressed that a surge in liquidations should also be expected as leveraged trades, which are open with borrowed funds, are always closed once an insufficient price margin occurs. Furthermore, This increase in leverage trading liquidations is expected to produce a high market volatility, resulting in unpredictable and rapid price movements.\u00a0<\/span><\/p>\n

In regards to price action, a rise in Open Interest indicates the current market trend is gaining stronger. Therefore, despite Ethereum\u2019s price dip in the last week, the prominent altcoin is likely to extend its 7.01% gain of the past three weeks in the coming months.\u00a0<\/span><\/p>\n

At the time of writing, Ethereum presently trades at $3,278.80 with a 3.46% increase in the last 24 hours. The altcoin appears to be attempting a market recovery with a strong resistance expected at the $3,500 region. <\/span>However, if the current buying pressure proves insufficient to break past this barrier, Ethereum could return to the $3,100 price mark or even slide as low as $2,900.
\n<\/span><\/p>\n

Related Reading: Ethereum Whales Rapidly Accumulate ETH Amid Price Decline<\/a><\/div>\n

Ethereum Spot ETFs Net Outflows Reach $469 Million<\/strong><\/h2>\n

In another development, the newly launched Ethereum Spot ETF market has now recorded a cumulative outflow of $469.83 million in its first three days of trading. Data from Farside Investors<\/a> identifies Grayscale’s ETHE with a total outflow of $1.51 billion as the major cause of this current market position.\u00a0\u00a0<\/span><\/p>\n

Meanwhile, BlackRock\u2019s ETHA continues to lead the market with inflows worth $354.8 million, followed closely by Bitwise\u2019s ETHW with $265.9 million.\u00a0 <\/span>Like their Bitcoin counterparts,<\/a> the debut of the Ethereum spot ETF has been accompanied by a significant price drop. However, it remains uncertain whether these Ethereum ETFs will eventually trigger a price surge akin to the one experienced in the Bitcoin market during the initial two months of BTC Spot ETF trading.<\/span><\/p>\n

\"\"
ETH trading at $3,258.41 on the daily chart | Source: ETHUSDT chart on Tradingview.com<\/figcaption><\/figure>\n
Featured image from Investopedia, chart from Tradingview.com<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"

Ethereum (ETH) recorded a significant loss in price this week following the trading debut of Ethereum spot ETFs. According to data from CoinMarketCap, ETH has declined by 6.60% in the last seven days, falling as low as $3,100. However, amidst this price crash, CryptoQuant analyst burakkesmeci has made an important observation with a potential impact on market movement. Related Reading: Ethereum Targets Recovery: Can It Mirror Bitcoin\u2019s Performance? Ethereum Open Interest Surges By $1.5 Billion In Three Weeks In a Quicktake post on CryptoQuant, burrakesmeci shared that the Open Interest (OI) on Ethereum has risen by a remarkable $1.5 billion in the past three weeks. For context, Open Interest refers to the total number of outstanding positions for a particular asset. Generally, an increase in Open Interest indicates a rise in market participation for any asset i.e., more traders are opening long or short positions on Ethereum. With this rise in open positions, there is likely an equal increase in the number of leverage trades.\u00a0 Burakkesmeci expressed that a surge in liquidations should also be expected as leveraged trades, which are open with borrowed funds, are always closed once an insufficient price margin occurs. Furthermore, This increase in leverage trading liquidations is expected to produce a high market volatility, resulting in unpredictable and rapid price movements.\u00a0 In regards to price action, a rise in Open Interest indicates the current market trend is gaining stronger. Therefore, despite Ethereum\u2019s price dip in the last week, the prominent altcoin is likely to extend its 7.01% gain of the past three weeks in the coming months.\u00a0 At the time of writing, Ethereum presently trades at $3,278.80 with a 3.46% increase in the last 24 hours. The altcoin appears to be attempting a market recovery with a strong resistance expected at the $3,500 region. However, if the current buying pressure proves insufficient to break past this barrier, Ethereum could return to the $3,100 price mark or even slide as low as $2,900. Related Reading: Ethereum Whales Rapidly Accumulate ETH Amid Price Decline Ethereum Spot ETFs Net Outflows Reach $469 Million In another development, the newly launched Ethereum Spot ETF market has now recorded a cumulative outflow of $469.83 million in its first three days of trading. Data from Farside Investors identifies Grayscale’s ETHE with a total outflow of $1.51 billion as the major cause of this current market position.\u00a0\u00a0 Meanwhile, BlackRock\u2019s ETHA continues to lead the market with inflows worth $354.8 million, followed closely by Bitwise\u2019s ETHW with $265.9 million.\u00a0 Like their Bitcoin counterparts, the debut of the Ethereum spot ETF has been accompanied by a significant price drop. However, it remains uncertain whether these Ethereum ETFs will eventually trigger a price surge akin to the one experienced in the Bitcoin market during the initial two months of BTC Spot ETF trading. Featured image from Investopedia, chart from Tradingview.com<\/p>\n","protected":false},"author":581,"featured_media":631845,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[92820,83531,92690,1946,8686,78803,92819],"class_list":["post-631843","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-burrakesmeci","tag-cryptoquant","tag-eth-spot-etf","tag-ethereum","tag-ethusd","tag-ethusdt","tag-quicktake"],"acf":[],"yoast_head":"\nEthereum Open Interest Rises By $1.5 Billion, What This Means?<\/title>\n<meta name=\"description\" content=\"Amidst Ethereum price crash, CryptoQuant analyst, burakkesmeci has made an important observation with a potential impact on market movement.\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency. Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems. In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others. In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies. Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative. Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information. Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets. Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a \u201cmusic nomad\u201d always ready to listen to new artists and explore new trends. Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination. He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society. In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come. His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry. Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.","sameAs":["https:\/\/www.linkedin.com\/in\/semilore-faleti-7a9046218","https:\/\/x.com\/https:\/\/twitter.com\/SemiloreFaleti"],"url":"https:\/\/wncen.com\/author\/semilorefaleti\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Ethereum Open Interest Rises By $1.5 Billion – What This Means","url":"http:\/\/wncen.com\/news\/ethereum\/ethereum-open-interest-rises-by-1-5-billion-what-this-means\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/ethereum\/ethereum-open-interest-rises-by-1-5-billion-what-this-means\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/InvestopediaEthereumStory-cb02497756ef4d48aab440bd91203068.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/InvestopediaEthereumStory-cb02497756ef4d48aab440bd91203068.png?fit=1500%2C1000"},"articleSection":"Ethereum","author":[{"@type":"Person","name":"Semilore Faleti"}],"creator":["Semilore Faleti"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["burrakesmeci","cryptoquant","eth spot etf","ethereum","ethusd","ethusdt","quicktake"],"dateCreated":"2024-07-27T11:30:16Z","datePublished":"2024-07-27T11:30:16Z","dateModified":"2024-07-27T11:30:16Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Ethereum Open Interest Rises By $1.5 Billion – What This Means\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/ethereum-open-interest-rises-by-1-5-billion-what-this-means\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/ethereum-open-interest-rises-by-1-5-billion-what-this-means\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/InvestopediaEthereumStory-cb02497756ef4d48aab440bd91203068.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/InvestopediaEthereumStory-cb02497756ef4d48aab440bd91203068.png?fit=1500%2C1000\"},\"articleSection\":\"Ethereum\",\"author\":[{\"@type\":\"Person\",\"name\":\"Semilore Faleti\"}],\"creator\":[\"Semilore Faleti\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"burrakesmeci\",\"cryptoquant\",\"eth spot etf\",\"ethereum\",\"ethusd\",\"ethusdt\",\"quicktake\"],\"dateCreated\":\"2024-07-27T11:30:16Z\",\"datePublished\":\"2024-07-27T11:30:16Z\",\"dateModified\":\"2024-07-27T11:30:16Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/InvestopediaEthereumStory-cb02497756ef4d48aab440bd91203068.png?fit=1500%2C1000","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/631843"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/581"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=631843"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/631843\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/631845"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=631843"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=631843"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=631843"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}