On Monday, money flooded back into the ETH futures market, data provider Kaiko found. JimmyHe32 reports
on Friday brought a swift decline in open interest on derivatives – contracts that traders used to make leveraged bets on the cryptocurrency’s future price. Many traders had their derivatives trades liquidated, or wiped out due to margin calls, according to Kaiko.“As the price dipped below $1,600, we observed a significant spike in open interest,” Kaiko wrote.Ether perpetual funding rates
There’s also been plenty of movement in funding rates on ether perpetual contracts, which are similar to futures contracts on commodities but without expiration dates. The funding rates recovered to near-neutral levels after dipping alongside the token’s price. “When combined with the spike in open interest we observed this morning, it seems these new positions in ETH futures are biased long and investors are bullish at these price levels,” Kaiko wrote.Ethereum’s percentage share of volume broke above its previous high of 55% in May 2021.
Separately, ether’s share of the weekly, combined trading volume of ether and bitcoin hit 57%, the highest since 2018. This trading activity exceeded Ethereum’s previous peak of 55% during the May 2021 crypto sell-off. “The main driver of ETH trading activity in July has been increased optimism around the Merge and an improvement of global risk sentiment. However, last week’s selloff across markets confirms that ETH remains a higher beta play,” Kaiko wrote.
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