Ether futures open interest hits all-time high as ETH price tops $4.5K — Will it last?
Main Idea
Ether futures open interest hits an all-time high as ETH price surpasses $4.5K, but derivatives data indicates weak demand for leveraged bullish positions and concerns about Ethereum's on-chain activity and competition.
Key Points
1. Ether futures aggregate open interest rose to $60.8 billion, up from $47 billion a week earlier, but remains 11% below the July 27 peak.
2. The ETH perpetual futures annualized premium is at 11%, considered neutral, indicating no excessive demand for leveraged long positions.
3. Despite a 32% increase in ETH price over 10 days, leveraged long interest has not surged, suggesting caution among traders.
4. Ethereum's on-chain activity shows a decline, with TVL dropping 7% over 30 days and weekly fees falling 27%, lagging behind competitors like Solana and Tron.
5. Major institutions like Stripe, Circle, Tether, and JPMorgan are launching their own chains instead of adopting Ethereum layer-2 solutions, increasing competition.
Description
ETH open interest soared to a record high as Ether price rallied through $4,500. Is the rally sustainable?
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