Crypto markets have declined slightly this week as sentiment wanes in the wake of last week’s US Securities and Exchange Commission’s approval of spot Ethereum exchange-traded funds.
There is lots of open interest, or contracts that have yet to expire, at long positions, including strike prices at $70,000, $75,000, $80,000, and even $100,000, where OI is $886 million. Additionally, Ethereum futures aggregated open interest has been hovering near all-time high levels this week at around $17 billion, driven by speculation around the spot ETF decision.Spot markets rarely react to options expiry events, but today’s one is a biggie. Total capitalization has remained relatively flat on the day at $2.68 trillion. In fact, crypto markets have moved very little over the past 12 days or so.
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