ETH Futures Long Positioning Shows Market Optimism 📈
Recent S-1 filings with the #SEC suggest that the approval of an Ethereum ETF could be imminent. Despite a pullback in Ether prices since the rally that began on May 20, 2023, market sentiment remains bullish.
The SEC’s request for exchanges to refile 19b-4 forms hasn’t dampened enthusiasm.
The data indicates a significant increase in ETH #futures long positions, rising from 2.7 million ETH to 3.1 million ETH.
This surge implies that futures traders are optimistic about the potential approval of the #Ethereum ETF, even though this sentiment hasn’t yet been fully reflected in spot prices. This market behavior suggests that a “sell the news” event is less likely, highlighting robust market confidence in ETH’s future prospects.
