) has been grappling with the $3,600 level for the past three days, yet it seems traders may have overlooked the fact that the ETH price has soared by 58.8% since February. While some market participants attribute the limited upside to uncertainty surrounding the likelihood of a spot being approved in the U.S., others contend that the surge in Ether futures open interest indicates strong demand from institutional investors.
The growth of the Ether futures market is undoubtedly a positive development, as increased liquidity, particularly in the regulated Chicago Mercantile Exchange market, facilitates participation by hedge funds and large asset managers. However, the fact that aggregate Ether futures open interest achieved a new record high on March 28 should not be immediately interpreted as a bullish indicator.It is important to note that Binance leads the pack, amassing $4.
To gauge professional traders’ sentiment more accurately, one should examine data from the Ether options market. The 25% delta skew provides insight into whether arbitrage desks and market makers are charging more for upward or downward protection. Specifically, a skew metric above 7% suggests expectations of a price decline, whereas excitement in the market usually results in a negative skew below -7%.
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