What are the expected spot Ethereum prices?ETHExchange-traded funds (ETFTraders are betting more on ETH (Ethereum) than Bitcoin.
CryptoQuant shared a report with crypto.news that showed the ETH-BTC Open Interest Ratio has gone up from 0.54 to 0.6 over the past seven days. Due to expectations for the approval of the spot Ethereum ETF, traders have a greater exposure to Ethereum than Bitcoin.
Santiment data shows the ETH open interest currently stands at $8.53billion. Ethereum has seen its total funding rate increase from 0.016% in the past day to 0.018%.
This indicator indicates that traders are betting more on a future ETH surge. Due to the high volatility of prices, it is expected for a number of liquidations.
In addition, demand for Ethereum also grew from “Permanent Holders” — holders who buy an asset and never sell, excluding exchange addresses — per CryptoQuant. The addresses had accumulated 100,000 ETH or more on 20 May, which is the highest since September 20, 2023.
Even though the interest and accumulation is growing, Ethereum On May 20, the net flows into exchanges reached 62,000 Tokens. CryptoQuant reports that the majority of assets were transferred to Binance and Bybit.
Per data from Santiment, the number of whale transactions consisting of at least $100,000 worth of ETH declined by 40% in the past 24 hours — currently sitting at 10,689 transactions per day.
Due to traders’ desire for short-term gains, this combination of movement with exchange flows shows investors waiting on the ETH ETF.
ETH has gained 1.7% over the last 24 hours, and currently trades at $1.810. The market capitalization of this asset sits at $457 Billion with an average daily trading volume $24.6 Billion.
The U.S. SEC could delay or reject the Ethereum application. This would have a negative impact on the price of Ethereum. spot ETH ETFs.
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Source: crypto.news