Ether (ETH) has begun to attract more institutional investors. Hedge funds periodically increase their investment in products focused on the largest altcoin.
Open interest in Ethereum futures in mid-May exceeded $ 11.5 billion (according to ByBt). Recall that at the same time, the price of ETH for the first time in history reached $ 4160.
In early October, the amount of contracts in the futures market began to grow again after the summer fall. Open interest in the product came close to $ 10 billion. On the Binance and BitMEX exchanges, this figure rose to $ 2 billion and $ 343 million, respectively.
In the Santiment report it says that the growth in the number of unique Ethereum addresses has a positive effect on the price of ETH. By the end of this week, the altcoin price may reach a new high.
📈 One of #Ethereum‘s tell-tale signs for price growth is in new addresses being created. Our data indicated a major spike to end the week, and we explore it and Exchange Inflow, Active Addresses, Supply on Exchanges, & more in our latest $ ETH breakdown. https://t.co/zlu7CkYnqy pic.twitter.com/bkIMS0rcG8
– Santiment (@santimentfeed) October 9, 2021
A decrease in the exchange balance of ether also has a positive effect on the dynamics of the movement of the cryptocurrency. At the end of last week, the exchange left the air for more than $ 402 million. Over the past 24 hours, investors withdrew another 5053 ETH with a total value of up to $ 17.901 million (according to ViewBase).
The share of ether listed on exchanges has dropped to 15.2% of the total cryptocurrency supply. The outflow of ETH from trading floors eases pressure from sellers and contributes to a more confident rise in the price of altcoin.
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