CryptoQuant: The open positions of ETH have increased to 3.2 million, reaching the highest level since January 2023
Blockchain analysis company CryptQuant stated that if the U.S. SEC rejects its ETF application or delays the approval process, ETH may undergo a significant price adjustment. In addition, high exchange traffic could cause ETH price fluctuations in the next few days. Amid rumors that Ethereum spot ETFs are pending approval, exchange traffic reached 62,000 ETH, the highest level since March. Furthermore, CryptoQuant indicated that traders have been actively opening long positions in the futures market expecting an increase in ETH prices which has created upward pressure on prices and pushed open interest from 2.8 million to 3.2 million ETH - a record high since January 2023.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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