With new coins stepping up and gaining limelight, people from the crypto community had slowly started giving up on Ethereum. That narrative has seen a complete flip over the past day. Ethereum added more than $70 billion in its market cap within hours, and suddenly, everyone has become an Ethereum fan again.
For the first time since early-March, the market saw more than $250 million shorts wiped out in a single day. Ethereum and Bitcoin contributed $85 million each, while SOL stood behind by flushing out $17.7 million worth bearish trades.
Ethereum OI Claims New Peak
Furthermore, Ethereum’s Open Interest also went on to surge past $14 billion, creating an all-time high. For context, this metric just stood at $11.25 billion the previous day. The OI injection points out that new traders are keen on entering the Ethereum market at this stage and are opening fresh open positions. The capital influx into the ecosystem can either be a boon or a bane depending on the market bais.
The long:short ratio was comfortably hovering above 1 on most exchanges during the Asian trading hours, affirming the bullish bias amongst derivatives traders.Thus, if the same momentum is rolled forward to the US trading hours, we might see an uptrend renewal for ETH. However, if the bearish bias starts intensifying, Ethereum and Co. could briefly correct.
All eyes will continue to remain on Ethereum this week, for the SEC’s decision with respect to ETF approvals are due. Earlier today, analysts bolstered their expectations from 25% to 75%, ushering a fresh wave of optimism amongst market participants.
Ethereum Memes Tag Along
Etheruem’s 21% pump triggered Ethereum-based memes like MOG and Pepe Coin to surge. In just a matter of nine hours, the former managed to pull off a ~60% wick-low to wick-high rally. Pepe took a couple of extra hours and spiked by 26%. While long traders enjoyed the fruits of high returns, short traders of these coins got gravely rekt.
