- Ethereum futures see record open interest amid rumors of potential approval for spot ETH ETFs in the U.S.
- The surge in Ethereum futures is driven by renewed optimism about the approval of spot ETH ETFs.
- “The unprecedented rise in open interest not only reflects growing investor confidence but also aligns with bullish market sentiments,” noted a financial analyst.
Explore the significant surge in Ethereum futures as market optimism grows around potential U.S. approval of spot ETH ETFs.
Record $14 Billion Open Interest in Ethereum Futures Driven by ETF Hopes
According to data from Coinglass, the notional open interest in active Ethereum futures contracts increased by 25% in a single day, reaching $14.05 billion and surpassing the previous peak of $13.2 billion set on March 15.
Impact of SEC’s Positive Stance on Crypto Regulations
The increase in open interest is predominantly from bullish investors, indicating a strong inflow of capital into the Ethereum market. This sentiment was further bolstered by a 20% rise in ETH’s price, climbing to $3,720. The simultaneous rise in open interest and price is often viewed as confirmation of a bullish trend.
Anticipation Builds Around SEC’s Decision on Spot ETH ETFs
Late Monday, Bloomberg’s ETF analysts reported that the U.S. Securities and Exchange Commission (SEC) had increased the likelihood of approving these ETFs from 25% to 75%. Additionally, the SEC has requested exchanges interested in listing and trading potential spot Ethereum ETFs to expedite their 19b-4 applications.
Conclusion
This development has sparked speculation within the crypto community about the SEC potentially moving towards a positive decision on spot ETH ETFs. Such a move would reflect a broader constructive regulatory stance towards cryptocurrencies. The SEC is scheduled to make a decision on the VanEck spot Ethereum ETF on May 23. Approval of both 19b-4 applications and S-1 registration statements by the SEC is necessary for Ethereum ETFs to begin trading on exchanges.
