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Open Interest In Ethereum Futures Market Hits An All-Time-High, But Contract Purchases Are Not Optimistic
Summary: Ethereum's derivatives market is showing bullish signs for the cryptocurrency as $1.3 million worth of short positions were liquidated over the past day on BitMEX, data from Skew shows. Open interest in the futures market also hit an all-time-high Thursday, August 13 reaching the $1.5 billion level, however Skew data shows that traders are purchasing ...
Ethereum's derivatives market is showing bullish signs for the cryptocurrency as $1.3 million worth of short positions were liquidated over the past day on BitMEX, data from Skew shows.
Open interest in the futures market also hit an all-time-high Thursday, August 13 reaching the $1.5 billion level, however Skew data shows that traders are purchasing more put contracts than they are calls. Traders purchase put contracts when they expect the price of an asset to go down, suggesting negative market sentiment surrounding ETH.
The increase in put contracts comes as transaction fees on Ethereum have hit new heights. While the high demand for the network is a good sign, high transaction fees suggest that the network is overcrowded.
By Emily Mason
Tags: ETH,Ethereum
Link: Open Interest In Ethereum Futures Market Hits An All-Time-High, But Contract Purchases Are Not Optimistic [Copy]
