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Analysis: ETH open interest has risen to $25.4 billion, with institutions continuing to increase their holdings, but derivatives market sentiment remains cautious.
Deep Tide TechFlow News, April 16, According to Cointelegraph, after a recent rebound, the price of Ethereum has stabilized above $2,300, and ETH futures open interest has increased to $25.4 billion, indicating rising leverage demand. Meanwhile, the US-listed Ethereum spot ETF has seen a net inflow of $248 million over the past 10 days, and Bitmine Immersion also disclosed the purchase of $312 million worth of ETH.
However, the funding rate for ETH perpetual contracts has not sustained above 5%, and has repeatedly fallen below 0, reflecting limited market confidence in this rally. Additionally, Ethereum’s weekly DApp revenue has decreased from $24 million in early February to $11 million, and declining network activity and increased competition among public chains may continue to impact ETH’s price movement.