To a large extent, ETH's performance is supported by the rising expectations brought by the ETH treasury companies and massive long leverage, while the macro environment has not improved significantly. This means that the "vegan bulls" brought about by short-term liquidity are difficult to sustain in the long run. The decline in OI further shows that the style of ETH investors is actually more inclined to "speculation".🧐
On 24 August, ETH set a new all-time high, with ETH open interest also reaching a record $5.66B on Hyperliquid. Funding rate and OI trends reflected aggressive long positioning. The price failed to sustain higher levels, and Open interest fell to $3.09B, a 45% decrease from the peak.
Source:@Neda4_
1.45K
1
The content on this page is provided by third parties. Unless otherwise stated, OKX is not the author of the cited article(s) and does not claim any copyright in the materials. The content is provided for informational purposes only and does not represent the views of OKX. It is not intended to be an endorsement of any kind and should not be considered investment advice or a solicitation to buy or sell digital assets. To the extent generative AI is utilized to provide summaries or other information, such AI generated content may be inaccurate or inconsistent. Please read the linked article for more details and information. OKX is not responsible for content hosted on third party sites. Digital asset holdings, including stablecoins and NFTs, involve a high degree of risk and can fluctuate greatly. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition.