Ether ETF Hopes Drive Futures Open Interest to Record $14B.

The notional open interest, or the dollar value locked in the number of active ether futures contracts, surged by 25% in a day.

Ether (ETH) futures are more popular than ever, following the sudden, positive turnaround in sentiment concerning the potential approval of spot ETH exchange-traded funds (ETFs) in the U.S.

Notional open interest, or the dollar value locked in the number of active ether futures contracts, climbed 25% to a record $14.05 billion in the past 24 hours, according to data source Coinglass. The previous lifetime peak of $13.2 billion dates back to March 15.

The increase was a sign of a renewed influx of money into the ether market, especially on the bullish side, as the second-largest cryptocurrency by market capitalization added nearly 19% to $3,680, according to CoinDesk data. An increase in open interest alongside an increase in price is said to confirm an uptrend.

Late Monday, Bloomberg ETF analysts increased the US probability. The Securities and Exchange Commission (SEC) greenlit ETH ETTs to 75% from 25%. Meanwhile, CoinDesk reported that the SEC has asked exchanges seeking to list and trade potential spot ether ETFs to update their 19b-4 filings on an expedited basis, a sign of the regulator trying to speed up the process.

Since then, the crypto community on

Regulators are scheduled to make a decision on VanEck's spot ether ETF on May 23. The SEC must approve the 19b-4 filing and S-1 registration statement for the ether ETF to begin trading on a stock exchange.$ETH