01 Jul 2024

All-time high ETH OI

Governments are selling into the summer, while open interest in ETH is surging towards record levels with the ETF launch drawing near.
Article Thumbnails (2)
Governments sell into summertime sleepiness
Summers are typically quiet for crypto, and this summer is no different so far. Last week’s volatility burst settled with BTC trading between $60k and $63k, leading 7-day volatility to 1.7%. We expect volatility to continue dropping this week due to the 4th of July holidays. 30-day volatility remains near yearly lows amidst a ranging market. Despite this low volatility, however, we saw Germany and the U.S. government selling seized BTC. The German government is now a consistent seller, sending ~500 BTC to exchanges each weekday.
BTC CME futures premiums indicate relatively bullish sentiment
Share this article