Ethereum has increased its total value in open positions to $ 1.5 billion for the first time in its history.
The Ethereum (ETH) price, which fell to the $ 390 band, affected by the decline of Bitcoin, rose to $ 428 today, making its investors happy. Despite sudden fluctuations in the market, the total value of Ethereum’s open positions exceeded $ 1.5 billion for the first time in its history.
For the first time in Ethereum history, its total value in open positions was above $ 1.5 billion. Stuck in the $ 400 band in the week we are about to leave behind , ETH has reached the 420 band today. ETH, which increased its value by 8 percent within 24 hours, made its investors happy.
Historical Record for Ethereum
Investors claiming that the market was mobilized when ETH exceeded the 400 band, brought this rise to the agenda of social media. While all this was happening, CoinGecko co-founder Bobby Ong told Decrypt about his interest in the rise of ETH, “The Ethereum price has been trying to break the $ 400 resistance since the beginning of August. Analysts interpreted breaking this resistance as a bullish development. Futures investors started to take a large amount of long positions after this and the open position record of 1.5 billion dollars was broken ”and gave another good news of ETH.
Larry Cermak, researcher for The Block, said on August 11 that the total value of ETH’s open positions had reached $ 1.4 billion. He said that $ 1.4 billion was the highest value for ETH for that day. Telling his followers about the rise of ETH’s open positions with charts, Cermak said that the spreads between Bitcoin and Ethereum have narrowed and the total value of open Ethereum positions has increased almost twice compared to Bitcoin’s since February.
Perhaps an even more important chart is the ratio between the open interest of Bitcoin futures and Ethereum futures. Bitcoin's futures OI was 8 times higher than ETH's in February. Only 6 months later, it's now about 4 times higher. OI of ETH grew relatively twice faster than BTC pic.twitter.com/Lxew630iOT
— Larry Cermak (@lawmaster) August 11, 2020
As the market activity was in full swing, Bobby Ong updated the figures for the total value of ETH in open positions, and ETH once again broke its own record.