TL;DR
- Interest in Ethereum perpetual futures hits record high on Deribit and other exchanges, surpassing $10.1 billion.
- Ethereum futures funding rate on Deribit increases since February, indicating increased demand for long positions and bullish sentiment towards the asset.
- Expectations of Ethereum ETF approval by SEC and Franklin Templeton application drive Ethereum interest and price.
Interest in Ethereum perpetual futures has seen a notable increase in recent times, especially on the Deribit platform, where it has reached an all-time high.
This phenomenon is not limited to Deribit alone, as open interest in ETH futures has increased on several centralized exchanges since the beginning of February, surpassing $10.1 billion in total.
This increase in open interest reflects significant growth in trading activity and participation in Ethereum derivatives.
It is speculated that this increase could be linked to various factors, among which the possible approval of an Ethereum ETF by the United States Securities and Exchange Commission (SEC) stands out.
Franklin Templeton’s filing for an Ethereum ETF has generated bullish expectations in the market, which is reflected in the increase in open interest and the funding rate of Ethereum perpetual futures.
Since the beginning of February, the funding rate on Deribit has increased significantly, rising from 0.00045% to a current value of 0.035%.
This increase indicates growing demand for long positions in the Ethereum derivatives market, suggesting more optimistic sentiment towards the digital asset.
The increase in the price of Ethereum has experienced an increase of 1.57% to reach $2,841, supporting this bullish trend
Importantly, this increase in the open interest and funding rate of Ethereum perpetual futures suggests a higher level of trading and speculative activity in the market.
Investors may be anticipating a possible rise in the price of Ethereum in the coming months, especially if the approval of an Ethereum ETF by the SEC materializes.
The Ethereum perpetual futures market is experiencing a period of intensified growth and activity, driven by bullish expectations related to market events and the possible approval of an Ethereum ETF.
This increase in interest and participation in Ethereum derivatives reflects overall positive sentiment towards the cryptocurrency and could indicate a period of increased volatility and trading opportunities in the near future.
