Ethereum Open Interest Surges Amid Bearish Market Conditions

Azeez Mustapha

Updated:

UNLOCK DAILY FOREX SIGNALS

Select a Plan

£40

 1-month subscription

Select

£30

 3-month subscription

Select

£21.5

 6-month subscription

Select

£399

 lifetime subscription

Select

£50

 Separate Swing Trading Group

Select

Or

Get VIP forex signals, VIP crypto signals, swing signals, and forex course free for lifetime.

Just open an account with one our affiliate broker and make a minimum deposit: 250 USD.

Email [email protected] with a screenshot of funds on account to get access!

Sponsored by

Sponsored Sponsored

Checkmark

Service for copy trading. Our Algo automatically opens and closes trades.

Checkmark

The L2T Algo provides highly profitable signals with minimal risk.

Checkmark

24/7 cryptocurrency trading. While you sleep, we trade.

Checkmark

10 minute setup with substantial advantages. The manual is provided with the purchase.

Checkmark

79% Success rate. Our outcomes will excite you.

Checkmark

Up to 70 trades per month. There are more than 5 pairs available.

Checkmark

Monthly subscriptions begin at £58.


Despite the recent market crash, open interest for Ethereum (ETH) has surged significantly, while that of Bitcoin plummets.

According to CryptoCompare’s May 2021 Exchange Review, Ethereum gained significant market share in the derivatives market in May, as open interest for the altcoin giant rose by 10% to $6 billion.

Meanwhile, open interest in BTC-based products dropped by over 25% during the same period. Open interest across other derivatives products fell by 14.5% to $27.8 billion during the same period. Binance emerged as the exchange with the highest open interest in the industry, closely followed by Huobi and OKEx.

Binance also had the highest open interest number for ETH perpetual futures contracts at $1.5 billion, followed by Bybit, Huobi, and OKEx. Regulated futures exchange CME recorded the highest Ethereum futures open interest at $489 million, closely followed by OKEs with $481 million.

This development comes as the total spot volume across the industry spiked by over 26% to $4.8 trillion, while total derivatives trading volume grew by a whopping 40.4% to $5.5 trillion.

That said, Ethereum’s growing open interest numbers amid a plummeting BTC open interest has increased talks of the “Flippening” on social media. The Flippening is an anticipated scenario where Ethereum overtakes Bitcoin as the number one cryptocurrency based on market cap.

Key Ethereum Levels to Watch — June 7

Etheruem is currently consolidating between the $2,860 and $2,580 as the broader market uncertainty frustrates efforts from bulls. That said, we should see more pass-and-play momentum between these levels over the coming hours and days, and trading volume remains near ground levels.

ETHUSD – Hourly Chart

Nonetheless, bearish moves in the near term should get strongly repelled by the 200 SMA.

Meanwhile, our resistance levels are $2,860, $2,900, and $3,000, and our support levels are $2,650, $2,570, and $2,480.

Total Market Capitalization: $1.56 trillion

Ethereum Market Capitalization: $303 billion

Ethereum Dominance: 19.6%

Market Rank: #2

 

You can purchase crypto coins here: Buy Coins

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

Leave a Reply

Your email address will not be published. Required fields are marked *