Ethereum’s Open Interest Hits Record High on Kraken
Ethereum (ETH) is poised for significant price movements. Kraken, a leading crypto exchange, reported an all-time high in open interest for Ethereum contracts. This suggests increased speculative activity, according to Alexia Theodorou, Kraken’s Head of Derivatives.
Theodorou noted that open interest in ETH perpetuals peaked at 30,000 ETH this week. this spike indicates growing interest from traders. “The rise in open interest points to more speculative trading,” she said. The increase is likely due to more institutional investors moving into spot Ethereum exchange-traded funds (ETFs). Though, it’s unclear if prices will go up or down.The market is anticipating volatility rather than showing a clear direction.
Derivatives activity.
While funding rates are slightly bullish, the market lacks a clear direction. The long/short ratio is still below its January peak. Yet, pro-innovation U.S. regulations could boost Ethereum in the coming months.
Ethereum also hit a major staking milestone. On June 10,staked ETH reached 34.65 million, or 28.7% of the total supply. Analysts from B2BINPAY attribute this to spot ETF inflows. Over 15 days, these inflows totaled $837 million, signaling growing institutional interest in Ethereum and other altcoins.
