#Ethereum #ethf

Open interest in Ethereum futures surpasses $15.6 billion for the first time

-- On May 23, open interest in Ethereum futures reached a record $15.65 billion.

-- This is a new all-time high.

-- The uptrend in the asset began on May 19 ahead of the potential approval of spot Ethereum-ETFs in the United States.

On May 23, 2024, open interest (OI) in Ethereum futures hit an all-time high. This figure approached the $15.65 billion mark for the first time, according to CoinGlass.

Open interest measures the total volume of futures contracts yet to be closed. A rise in OI indicates an increase in the number of market participants opening new positions.

Since the beginning of 2024, open interest in Ethereum futures has grown by nearly 70%. The growth in performance has been accompanied by a positive funding rate, which is 0.014% at the time of writing.

The record holders in terms of OI to Ethereum futures are crypto exchanges Binance and Bybit - $6.39 billion and $3.56 billion respectively.

Note that the growth of open interest occurred in parallel with the increase in the price of Ethereum. On May 23, the price of the asset crossed $3900 amid positive expectations around the potential approval of spot Ethereum-ETFs by the U.S. Securities and Exchange Commission (SEC).

QCP Capital predicted Ethereum's growth by 60% after the approval of spot ETFs based on the asset.