Contract holdings #Ethereum (ETH) have surpassed $14 billion, reaching a record high. This data, reported by CoinGlass, highlights significant contributions from top exchanges: Binance with $5.54 billion, Bybit with $3.1 billion, and OKX with $2 billion.
Despite this impressive value, total ETH contract holdings amount to 383 million ETH, still below the 5 million ETH peak seen in 2022.
The increase in ETH contract holdings coincided with a spike in Ethereum price, up 18.53% in the past 24 hours, reaching $3,676.
This Ethereum price increase was accompanied by a significant increase in 24-hour trading volume, up 247.20%, currently at $38.73 billion.
Potential Ethereum ETF approval
This latest increase in ETH price and contract holdings comes amid growing speculation about the potential approval of Spot Ethereum ETFs on May 23.
This optimism comes after months of skepticism about the approval of such financial products.
Bloomberg ETF analysts Eric Balchunas and James Seyffart reported that there has been significant controversy suggesting that the U.S. Securities and Exchange Commission (SEC) is encouraging applicants to expedite their filings. Their 19b-4.
This has led analysts to increase their estimates for ETF approval from 25% to 75%.
The approval of Spot funds #EthereumETF could have significant implications for the cryptocurrency market.
ETFs are seen as a bridge to institutional investors, providing a more accessible and regulated way to invest in cryptocurrencies.
The approval could lead to a significant influx of institutional capital into the Ethereum market, further pushing up prices and trading volumes.
The current record high level of ETH holdings contracts reflects the growing confidence of traders and investors in the future of Ethereum.
The cryptocurrency's recent performance shows its pivotal role in the broader crypto ecosystem.
As the second largest coin by market capitalization, Ethereum's movements often have a significant impact on the entire market.
Source: https://tintucbitcoin.com/hop-dong-nam-giu-ethereum-dat-ky-luc-14-ty-usd/
Read more cryptocurrency market news at: https://tintucbitcoin.com
👍 Follow @tintucbitcoin 🔥 Like 🔥 Comment 🔥 Share 🔥 Thank you so much 💯💯
