Ethereum Withdraws 1 Million ETH as Futures Open Interest Nears $60 Billion, Suggesting Possible Strategic Accumulation
Main Idea
Ethereum's futures market reaches a record $60 billion open interest, signaling strong market confidence and accumulation, while spot market supply tightens with a decline in exchange reserves.
Key Points
1. Ethereum futures open interest surpassed $60 billion, marking a new all-time high amid steady price action.
2. Over 98% of ETH supply is in profit, supporting strong market momentum.
3. Exchange reserves have dropped by 1 million ETH this month, indicating tightening supply.
4. Ethereum's price is near the $4,000 resistance level, with technical indicators showing short-term overbought conditions.
5. Significant short interest near $3,980 could trigger a short squeeze, potentially propelling ETH past $4,000.
Description
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