The second-largest cryptocurrency is in the spotlight! According to experts at Glassnode, the open interest in Ethereum on the CME exchange reached a record high of $7.85 billion this week. This signals a shift in investor sentiment and a capital flow from Bitcoin into Ethereum. The second most popular cryptocurrency is celebrating a victory!
Historically, such shifts indicate the beginning of an altcoin season, Glassnode reminds. The surge in open interest for Ethereum is driven by positive macroeconomic data and strong demand from major corporations.
Over the past few weeks, more than $5 billion has flowed into Ethereum ETFs. Market participants increasingly view Ethereum as the foundation of on-chain financial infrastructure. The asset’s resilience amid market volatility and its leading role in the capital shift from Bitcoin to altcoins are expected to help the coin maintain its bullish trend, Glassnode concludes.
Previously, Matt Hougan, Chief Investment Officer at Bitwise, noted that the main drivers behind Ethereum’s growth are the large inflow of capital into exchange-traded funds and corporate purchases for staking purposes.
