Ethereum

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Ethereum has seen open interest in perpetual futures increase across major centralized crypto derivatives exchanges since early February. 
The cumulative open interest for <a href="https://crypto.news/price/ethereum/">ETH</a> futures is now over $10.1 billion, as reported by <a href="https://www.coinglass.com/BitcoinOpenInterest" data-type="link" data-id="https://www.coinglass.com/BitcoinOpenInterest" target="_blank" rel="noopener">CoinGlass</a>. 
Crypto derivatives exchange <a href="https://metrics.deribit.com/futures/ETH" data-type="link" data-id="https://metrics.deribit.com/futures/ETH" target="_blank" rel="noopener">Derebit</a> has recorded an all-time high in the total number of outstanding perpetual futures contracts for ether, with open interest exceeding $690 million. 
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 <img loading="lazy" decoding="async" width="626" height="377" src="https://crypto.news/app/uploads/2024/02/ether-futures-perpetual-open-interest.webp" alt="Ethereum perpetual futures open interest reaches record high - 19" class="wp-image-14249426" style="width: 100%;height:auto">
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 You might also like: <a href="https://crypto.news/ethereum-layer-2-tvl-hits-21b-reaching-all-time-high/"> Ethereum Layer-2 TVL hits $21b, reaching all-time high </a> 
Unlike traditional futures, <a href="https://crypto.news/learn/what-is-a-perpetual-swap-contract-2/" data-type="link" data-id="https://crypto.news/learn/what-is-a-perpetual-swap-contract-2/">perpetual contracts</a> do not have an expiration date, allowing traders to maintain positions indefinitely. 
The recent surge in open interest indicates a boost in trading activity and interest in ether derivatives, possibly due to speculation, market attention, or hedging strategies related to the cryptocurrency. 
This uptrend coincides with anticipations of potential market-moving events, such as the possible approval of a <a href="https://crypto.news/asset-managers-predict-50-50-chance-for-ethereum-etf-approval-by-may/" data-type="link" data-id="https://crypto.news/asset-managers-predict-50-50-chance-for-ethereum-etf-approval-by-may/">spot Ether ETF</a> by the US Securities and Exchange Commission. 
Among other investment firms, <a href="https://crypto.news/franklin-templeton-enters-competition-to-introduce-spot-ether-etf/" data-type="link" data-id="https://crypto.news/franklin-templeton-enters-competition-to-introduce-spot-ether-etf/">Franklin Templeton</a> has recently initiated steps towards launching a spot ether ETF, indicating growing institutional interest. 
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 <a href="https://crypto.news/price/ethereum/"><img loading="lazy" decoding="async" width="1024" height="809" src="https://crypto.news/app/uploads/2024/02/ETHUSDT_2024-02-16_10-32-13-1024x809.png" alt="Ethereum perpetual futures open interest reaches record high - 20" class="wp-image-14249427"></a>
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 Daily Ethereum price from Crypto.News
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Additionally, the funding rate for ether perpetual futures on Deribit has risen from 0.00045% to 0.035% since February’s start, signaling an increased demand for long positions. 
This shift suggests a bullish sentiment among traders, forecasting a potential price increase for <a href="https://crypto.news/price/ethereum/" data-type="link" data-id="https://crypto.news/price/ethereum/">ETH</a>, which recently rose 1.57% to $2,841. 
 Read more: <a href="https://crypto.news/ethereum-milestone-bring-weekly-gains-13-percent/"> Ethereum price crosses milestone to bring weekly gains to 13% </a>

Ethereum perpetual futures open interest reaches record high

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