The futures of Ethereum look promising but the long-term narrative is uncertain.
The bitcoin derivatives market rose in April after a two-week decline in open-interest and volume. Institutional exchanges such as CME restored functionality last week as BitCoin consolidated between $ 6500 and $ 7000. ETH futures are also gaining momentum as Ethereum handles around $ 150 worth, but that explanation is not exactly clear.
Ethereum recorded the highest daily volumes on April 16, following the March 12-13 crash, according to Sky Analysis. The total volume recorded between the 10 exchanges was approximately $ 3.60 billion and the volume recorded on March 20 exceeded the hair width of $ 3.58. The highs on April 16 signify a positive for April’s Ethereum, as it looks good on the property charts. Ethereum’s improved pricing translates into significant activity in its derivatives market.
The three main exchanges are Hubobi, OKX and Binance. Hubby and OKX recorded volume of over $ 1 billion a day, as Binance raised $ 511 million. However, the open-interest of the three exchanges came a day earlier. According to the pie chart, on April 16, the OI dropped slightly. However, it is also important to monitor the liquidation chart of ETH futures before we move on.
According to the data, Bitmex’s ETHUSD has been showing high sales liquidation for the past 3 months. Sales liquidations are still $ 135 million because purchases are worth $ 64 million. Let’s admit that the 3-month situation collapsed on March 13, but its impact still plays an important role in the minds of investors. Although the market is heading in the right direction, the narrative is a little bullish as volatility of any price is likely to return to sellers.
At the time of writing, Ethereum is worth $ 169.6 and the 24-hour trading volume is 9.9B.