Definitely this is the week of records! Now it seems that the interest in the future of Ethereum (ETH) has reached new historical highs.
The firm analysis of market Skew reported that the Open Interest, or total value of contracts that have not yet been liquidated in the future of Ethereum, exceeded the mark of $1 billion.
New records in Ethereum!
For those who don’t know the term, the Open Interest shows the total number of outstanding contracts that have market participants at the end of the day. Therefore, measures the total level of activity in the futures market.
In this sense, an increase in this metric means that the new money or fresh flows into the market. Therefore, the new record represents a positive sign for Ethereum (ETH).
Also, the record was broken in while continuing the advance of Ethereum 2.0. Thus, we can see how the general situation at this time provides confidence to investors about the long-term potential of ETH.
Image provided by Skew where we see the Open Interest of Ethereum (ETH)
So, the fact that we see a new record in this metric implies that flows fresh money to the market and, accordingly, investors feel good about where you are headed Ethereum.
The growth represents a 30% from the 20 of June, going from $800 million to over $1.1 billion. Of which, the crypto exchange OKEx currently holds the higher Open Interest on more than $291 million. While Huobi and BitMEX occupy the second and third place with $220 million and $216 million, respectively.
What ETH stronger than ever?
This news joins that Ethereum recently reached an annual maximum of $330. Therefore, it is worth asking: What is driving the ETH?
One of the main catalysts of Ethereum is the significant growth in the activity that has taken the market DeFi. In fact, protocols such as Compound, Maker, and others have seen a substantial increase in users since mid-June.
Also, Ethereum 2.0 can be represented in the long-term a catalyst for the criptomoneda. And is that a positive progress in ETH 2.0 could boost even more the feeling around the criptomoneda.
Therefore, these elements have generated the ideal environment in the crypto market for that Ethereum reached new records as the one that today we inform.
What will become of Ethereum in the future? For the time being, seems to have a way bright but only time will tell.