Ether (ETH) experienced a 10% correction from July 31 to August 2, testing the $3,000 support for the first time since July 8. This move significantly outperformed the broader cryptocurrency market, which fell 6.8% over the same period.
- Despite this, open interest in Ether futures reached a seven-month high.
- Interest in futures does not always mean a bullish mood.
- The lack of inflows into the recently launched Ether ETFs in the US also played a role.
- Liquidations amounting to $141 million intensified the correction.
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- Open interest in Ether futures is up 5% in seven days.
- The 3-month futures premium fell to 8% after the market correction.
- The funding rate for retail traders remained stable at 0.008%.
Current ETH derivatives metrics do not indicate expected near-term price growth.