BTC-Newswire

Ethereum Traders Bet $450M as Bloomberg Analyst Hints ETF Approval – Can ETH Price Reclaim $2,500?

Press Releases Crypto News BeInCrypto Ethereum Traders Bet $450M as Bloomberg Analyst Hints ETF Approval – Can ETH Price Reclaim $2,500?

Ethereum (ETH) price rapidly climbed 3% to hit $1,650 on September 28 after Bloomberg Analyst Eric Balchunas hinted that the SEC could approve an Ethereum Futures ETF on Friday. How will Ethereum spot market prices react?

News of an imminent Ethereum ETF approval has triggered an influx of capital in ETH Derivatives markets. How high can Ethereum prices go if the market projections hold true?

Ethereum Open Interest Hits 40-day Peak After $450m Capital Inflows

Ethereum price rallied 3% on September 28 after Bloomberg ETF analyst Eric Balchunas hinted at a possible Futures ETF approval via Twitter (X.) Ethereum derivatives traders reacted positively to the news.

As depicted below, aggregate ETH Open Interest stood at $4.16 billion on September 27. Within 24 hours of the news, that figure had ballooned to $4.51 billion.

This means that investors have added $450 million in inflows to the ETH Futures market in anticipation that the US Securities and Exchange Commission (SEC) will approve an ETH ETF on Friday.

Ethereum (ETH) Aggregate Open Interest | Source:Coinalyze

Open Interest is the total of all outstanding derivatives contracts for an asset across various Futures trading platforms. An uptrend in Open Interest is a bullish signal indicating an influx of new market participants and fresh capital inflows.

If the SEC approves the ETH Futures ETF as anticipated, the Ethereum Open Interest could grow even further in the coming weeks. However, this has to translate into spot market demand for ETH price to enter a corresponding price rally.

Go to Source to See Full Article
Author: Ibrahim Ajibade

Did you like this?
Tip BTC Newswire with Cryptocurrency