Bitcoin ETF Approval Spurs Trading Surge in Bitcoin, Ethereum

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Should Ethereum Traders Really Celebrate the BTC ETF Approval?

The recent approval of a Bitcoin-based exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC) has caused a stir in the crypto world. However, the question arises whether this news is also a reason for celebration for Ethereum traders.

Increasing Open Interest in Ethereum

Following a false report about the SEC approval, the open interest in Ethereum (ETH) saw a rise. The open interest across all exchanges was $6.4 billion at the time of writing this article, a 15% increase since the release of the fake post on January 9.

When the open interest in an asset increases in this way, it indicates increased activity in the derivatives market for this coin. It could be that more people are opening or closing positions, hedging their bets, or speculating on the price.

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Positive Impact on ETH Price

Since January 9, the value of ETH has increased by double-digit percentages according to data from CoinMarketCap. An evaluation of the coin’s funding rates across various crypto derivative exchanges confirms this bullish trend. Since the increase in open interest, ETH’s funding rates have been positive. This suggests that most trading positions opened since January 9 are betting on further price growth.

The Impact of the Bitcoin ETF Approval

On January 10, the chairman of the SEC, Gary Gensler, confirmed the approval of all 11 spot Bitcoin ETF applications. This long-awaited approval has led to an increase in ETH trading activity in the last 24 hours. With a growth in trading volume of 80% during this period, the price has increased by 10%.

Rising Market Volatility

However, the price growth has led to a gradual increase in market volatility. According to the ETH Bollinger Bands indicator, the upper and lower gaps of this indicator are widening. When these gaps widen, it indicates an increase in volatility. It often means that the price of an asset is experiencing larger fluctuations than usual.

Conclusion

Although the approval of the Bitcoin ETF is undoubtedly an important milestone in the crypto world, Ethereum traders should be cautious. The increasing volatility could lead to larger price fluctuations, which carry both opportunities and risks.

Sources: CryptoQuant, CoinMarketCap, Coinglass, TradingView

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