Ethereum futures open interest soars to $10.6 billion as investor excitement for a spot ETH ETF approval increases.
Ether (ETH) price has gained 38.5% in the last 30 days, breaking above the $3,100 level for the first time since April 2022. The movement is likely influenced by the anticipation of a spot Ether exchange-traded fund (ETF) in the United States, pending a decision from the Securities and Exchange Commission.
The increased demand for leverage caused Ether futures open interest to surpass $10 billion, causing anxiety among bulls, especially since the previous $11 billion peak in November 2021 marked the ETH all-time high and a subsequent 55% correction.
Should Ether investors be worried this time around?
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Source: https://cointelegraph.com/news/ethereum-price-holds-3-1k-as-eth-futures-open-interest-nears-an-all-time-high