Ethereum futures open interest reaches all-time high of $1 billion
A lot of people think there is a reason why Ethereum is bullish by saying its about the update 2.0 and the run for DeFi, the next big thing for ETH. But it is bullish because of Bitcoin. The market is in diversification invests now, because Bitcoin is upgrading not ETH.
This leads to the first ETH future market pumping million of dollars in. So the future traiding bubble in ETH is like the same in Bitcoin. It is a believe of shorts in a longing gameplay. The open interest, or total value of contracts that have not yet been settled, on Ethereum futures has passed the $1 billion mark, according to market analytics firm Skew.
The milestone comes as the price of ETH increases and Ethereum 2.0 progress give investors confidence about the long-term potential of the decentralized protocol. Futures contracts are the domain of more sophisticated traders, indicating that the smart money is feeling good about where Ethereum may be headed next.
So do not believe in wrong signs but take this move ! Read full article here