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CryptoQuant: The open positions of ETH have increased to 3.2 million, reaching the highest level since January 2023

CryptoQuant: The open positions of ETH have increased to 3.2 million, reaching the highest level since January 2023

Bitget2024/05/23 04:01

Blockchain analysis company CryptQuant stated that if the U.S. SEC rejects its ETF application or delays the approval process, ETH may undergo a significant price adjustment. In addition, high exchange traffic could cause ETH price fluctuations in the next few days. Amid rumors that Ethereum spot ETFs are pending approval, exchange traffic reached 62,000 ETH, the highest level since March. Furthermore, CryptoQuant indicated that traders have been actively opening long positions in the futures market expecting an increase in ETH prices which has created upward pressure on prices and pushed open interest from 2.8 million to 3.2 million ETH - a record high since January 2023.

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