Etheruem (ETH) Broke a Record on Deribit! What Does It Mean for the Price?

The largest altcoin, Ethereum, has been breaking records lately. ETH, which exceeded $ 2,800 after a long time, has now broken a record on the cryptocurrency derivatives exchange Deribit.

According to The Block, open interest in Ethereum futures reached an all-time high on Deribit.

While there has been an increase in the Ethereum futures funding rate on Deribit since the beginning of February, the value of open positions on Deribit is currently over $690 million.

This increase in Ethereum futures open positions indicates that the demand for long positions in Ethereum has increased.

In other words, this increase in Ethereum open positions shows that investors expect the ETH price to increase in the future and take positions in this direction.

This expectation stems from a potential SEC approval of spot Ethereum ETFs next May.

“Deribit data shows increased demand for long-term positions in the ETH derivatives market. The increase may reflect the bullish trend towards Ethereum, indicating that more investors are anticipating an upward movement in Ethereum price in the coming months.”

Ethereum continues to trade at $2,789 at the time of writing.

*This is not investment advice.