Open interest in Ethereum futures drops over 50%

by in Cryptocurrency News

Ethereum

At the beginning of December last year, open interest in Ethereum futures was at its maximum.

The number of contracts was close to $14 billion. However, then this figure began to decline as ETH retreated in the spot market. As a result, open interest in Ethereum futures dropped 50.5% to $6.87 billion, CryptoRank said in a report.

The cryptocurrency began to bounce back this week along with bitcoin. The ETH exchange rate rose to $2650 (+8%).

The support zone in the $2200 area, which was previously pointed out by trader Ali Martinez, worked. In his opinion, if Ethereum did not hold on to such a mark, then a rollback below $2,000 would become inevitable.

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Both small and large investors took advantage of the fall in the value of the altcoin. The number of addresses containing at least 0.01 Ether recently surpassed 20 million, according to CoinMetrics.

Whales also went hunting. Since January 20, wallets controlling 10,000 ETH or more have purchased another 200,000 coins, analysts at Santiment found out. The largest Ethereum addresses spent more than $497 million on the purchase of such a volume of a cryptocurrency.

The researchers stressed that this swim was the largest for the whales in the past two months.