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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.
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
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