Open Interest ng Ether, Tumalon ng 26% sa ₱1.52 Trilyon ($25.4 Bilyon) sa Gitna ng Pag-aalinlangan ng mga Trader

Muling bumubuhos ang puhunan ng mga institutional investor sa Ether, dahilan upang umakyat ang futures open interest nang 26% patungong ₱1.52 trilyon ($25.4 bilyon). Gayunpaman, sa mas malalim na pagsusuri ng datos sa derivatives, makikitang nananatiling duda ang mga trader sa itinatagal ng rally sa kabila ng malakas na spot demand.

Nakahold ng presyo sa itaas ng $2,300 ang Ether this week after tumalbog mula sa $1,940 lows noong March 29. Potential turn in momentum ito para sa ETH bulls after 10 weeks ng failed attempts na bawiin ang $2,400 level. Spot-driven accumulation ang main driver, with Ether spot ETFs pulling in ₱14.84 bilyon ($248 milyon) sa nakaraang 10 days at nag-announce ang Bitmine Immersion ng ₱18.68 bilyon ($312 milyon) na ETH acquisition na nagdala sa total holdings nila sa 4.87 milyong ETH worth ₱685.98 bilyon ($11.46 bilyon).

Pero ibang kwento naman ang sinasabi ng derivatives metrics. Hindi nakahold ng ETH perpetual futures funding rates above 5% since Friday, staying well below the neutral range na 5% to 10% na usually signal ng healthy bullish sentiment. Red flag ito considering na bumalik na ang open interest sa levels approaching the all-time high na 7.8 milyong ETH noong July 2025. Binance alone controls roughly 36% ng ETH derivatives market with 2.3 milyong ETH in open interest, at ang spot-to-futures volume ratio ng exchange recently bumaba sa 0.13—lowest annual level ever recorded para sa Ethereum.

May sense naman ang muted derivatives enthusiasm pag titingnan mo ang onchain fundamentals. Weekly DApps revenue ng Ethereum currently sits at $11 milyon per week, sharply down from $24 milyon noong early February. Important ito kasi ang primary reason kung bakit nag-accumulate ng ETH ang investors ay ang expectation ng higher onchain processing demand at yung subsequent burn mechanism. Even Bitmine's massive ETH position is trading 13% below its acquisition cost.

US-listed Ether ETF assets under management stood at $13.7 bilyon noong Wednesday, down from $20.5 bilyon three months prior. While institutional accumulation from both ETFs and companies like Bitmine is generally positive sign, ang combination ng lackluster DApp revenue at negative funding rates suggests na hindi convinced ang traders na may legs ang rally, with weekly DApp revenue at $11 milyon as of mid-April 2026.

ℹ️ Article Details

• Source: cointelegraph.com
• Original URL: https://cointelegraph.com/news/ether-open-interest-sees-26percent-increase-as-markets-rally-are-traders-into-eth-again?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound
• Reading Time: 2 minutes
• Category: market-analysis
• Tickers: None
• Key Takeaway: Institutions are buying ETH, but weak funding rates and halved DApp revenue show traders doubt the rally.
• Slug: ether-open-interest-jumps-amid-trader-skepticism

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