ETH 2.0 Deposits Hit ATH As Perpetual Futures Open Interest Dips
📈 #Ethereum $ETH Total Value in the ETH 2.0 Deposit Contract just reached an ATH of 28,019,877 ETH
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— glassnode alerts (@glassnodealerts) August 24, 2023
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Simultaneously, Ethereum’s perpetual futures market has experienced a contrasting trend, with Open Interest hitting a 13-month low of $1,282,694,452.42 on Binance.
Navigating Perpetual Futures and Asset Locking
Perpetual Futures Contracts, renowned for their distinctive characteristic of lacking an expiry date, have long been a staple in the financial landscape. These contracts create a binding agreement between buyers and sellers, mandating the sale of an asset on a fixed future date at a predetermined price, irrespective of the asset’s market value at that time.
The Ethereum community witnessed a similar 13-month low in perpetual futures Open Interest just a few days ago, on August 23, 2023, at $1,283,378,499.67. This recurrent pattern suggests potential shifts in market sentiment and trading strategies.
📉 #Ethereum $ETH Open Interest in Perpetual Futures Contracts just reached a 13-month low of $1,282,694,452.42 on #Binance
Previous 13-month low of $1,283,378,499.67 was observed on 23 August 2023
View metric:https://t.co/5xWRoSKP3f pic.twitter.com/C2mu5dQ1Os
— glassnode alerts (@glassnodealerts) August 24, 2023
Active Supply Metrics and Market Performance
Another noteworthy report from the Ethereum ecosystem reveals that the Amount of Supply Last Active 1m-3m (1-day Moving Average) has reached a month-long nadir of 9,663,000.605 ETH. This data offers insights into short-to-medium-term holding patterns among Ethereum investors, which can influence market liquidity and price dynamics.
Against this backdrop of data-driven insights, Ethereum price is trading at $1,650.51, accompanied by a 24-hour trading volume of $5,309,161,791 on CoinMarketCap. The cryptocurrency has experienced a 2.26% dip in the last day, reflecting the inherent volatility in the crypto space.
Ethereum is the second-largest cryptocurrency by market capitalization, with a live cap of $198,414,560,131. Its circulating supply stands at 120,214,162 ETH.