- Ethereum’s non-zero addresses hit an all-time high as it passed 100.2 million.
- Ethereum saw a positive funding rate as bullish sentiment dominated.
Ethereum [ETH] quest for the $2,000 prize realm ended after encountering numerous obstacles. Nevertheless, two crucial indicators have consistently pointed to a steady upward trajectory, suggesting a growing fascination with collecting and trading ETH.
Ethereum non-zero addresses hit ATH
A recent message from Glasnode drew attention to the emergence of a greater number of Ethereum addresses on the network. A look at the Glassnode chart revealed that these addresses were related to ETH balances.
At the time of writing, the number of non-zero addresses stood at a remarkable 100,242,187, an unprecedented peak in their existence.
Source: Glassnode
The chart also showed a consistent upward trend in the daily increase of these addresses, reflecting substantial growth. To put things in perspective, the number of addresses was 98.3 million at the beginning of May and 92.1 million in January.
Ethereum traders are piling up on the derivatives side
As the number of Ethereum addresses with ETH balances continued to rise, the derivative aspect of Ethereum has also seen a notable expansion.
The Glasnode measure of Open Interest in perpetual futures contracts also reached an all-time high. According to the chart observed, the outstanding interest in perpetual futures contracts on Deribit was about 550 million ETH at the time of writing.
Source: Glassnode
This was the highest level in the past three years. Open interest is an important indicator in the derivatives market, providing valuable insights into market participation and liquidity.
Increased open interest suggests increased trading activity and market interest. It indicates that more traders are actively taking new positions or rolling over existing positions in perpetual futures contracts.
Traders remain bullish
Despite Ethereum’s less-than-ideal performance, traders showed a positive view of the future movement. The ETH funding rate is on CoinGlass revealed a consistently positive funding rate for the asset in recent weeks.
How much are 1,10,100 ETHs worth today?
ETH maintained a positive funding rate across multiple exchanges as of this writing. This showed bullish sentiment around its price trajectory.
At the time of writing, ETH was trading at a slight loss. The spot price was around $1,870, reflecting a modest drop in value of almost 1%. Nevertheless, the Relative Strength Index (RSI) suggested that Ethereum was still in a bullish trend.
