After rumors of a renewed chance of approval for Ethereum exchange-traded funds (ETFs), traders on Binance have been aggressively buying Ethereum.
Surge in Long Positions
The Ethereum Net Taker Volume on Binance, which measures the difference between buy and sell volumes, has spiked to its highest level ever. This indicates that more traders are buying Ethereum than selling it, creating a bullish sentiment.
Open Interest Hits Record High
The Ethereum Open Interest, which represents the total amount of open positions in derivatives markets, has also surged to a new record high. This shows that traders are placing more bets on Ethereum’s price going up.
Price Surge
Fueled by the ETF news, Ethereum has broken through the $3,800 level, a milestone it hasn’t reached since mid-March.
Potential Volatility Ahead
The surge in speculation has historically led to increased volatility for Ethereum. The high Open Interest suggests that there could be some turbulent times ahead as traders may liquidate their positions.
