The futures data of Ethereum indicates that the pro traders are considering $3,500 as the forthcoming all-time high mark for this leading altcoin. Ethereum had successfully managed to reach the record high of a value worth $2,800 on 29th April.
In addition, the open interest of futures also touched a new high of $8.5 billion. This indicates a monthly increase of almost 52% and represents a vigorous trading activity motivating this meteoric rise in ETH price.
Robust Upward Journey Of Ethereum
Few of the analysts have dismissed the Ethereum derivatives. This is mainly owing to the reason the futures CME has almost $355 million of open interest. On the other hand, Bitcoin‘s open interest has $2.4 billion.
Nonetheless, ETH contracts had been launched just a few months back. Both Deribit and FTX need 100% complete KYC for the clients. Additionally, the markets possess a combined ETH open interest of $2 billion.
According to this perspective, the silver futures on open interest presently holds $22.6 billion. Moreover, the valuable metal has decades of great trading history along with a market capitalization of $1.4 trillion. Although the easy analysis of the outstanding contracts numbers is not very helpful since they are utilized for hedging.
In order to evaluate the bullish pattern of the market, a couple of the derivatives metrics can be reviewed. The futures of the last 3 months must usually trade between 10% and 20% with an annualized premium that must be understood as a lending rate.
The funding rate of 8 hours recently surged to 0.18% on 14th April, suggesting a 3.8% increase each week. ETH bullish trend shows 25% on a 3-month basis every year. This rate certainly is much higher than other stable coins.