ETH Spot ETF Approval Buzz Skyrockets Open Interest by $1B
CryptoNewsTerminal Staff20 May, 2024
ETH Spot ETF Approval Buzz Skyrockets Open Interest by $1B
Analysis: ETH Spot ETF Approval Rumors Spike Open Interest by $1 Billion CryptoQuant senior analyst Julio Moreno tweeted that the news of a potential Ethereum (ETH) spot ETF approval has led to a substantial increase in open interest in futures markets. Following the announcement, ETH's value surged by 11% within an hour, while the open interest grew by a staggering $1 billion. At the time of writing, ETH is trading at $3,414.68, marking an impressive 11.16% gain, as reported by CoinMarketCap. This recent surge in activity highlights the significant market anticipation surrounding the potential approval of an ETH spot ETF, which would provide investors with a more accessible and regulated way to gain exposure to the cryptocurrency. The news is being met with enthusiasm by traders, as evidenced by the significant increase in open interest, suggesting a potential influx of capital into the ETH market.
