ETH ETF entries surpassed $1 billion in June, yet long-term market sentiment remained cautious. 📈 Ethereum experienced a cooling T2 rally, reaching $2,800 in April-May. Strong Q2 recovery was driven by institutional demand, with May's ETH Spot hitting $564 million. 🏦 June saw entrances cross $1 billion in just three days, but speculative interests stayed muted as ETH fluctuated between $2,800 and $2,300. 📉
During the rise, open interests surged from $17 billion to $41 billion, signaling a 2.4x demand peak on the derivatives market. 📊 However, mid-June witnessed a drop in demand, with open interests decreasing from $41 billion to $31 billion, causing ETH's price to slip from $2,800 to $2,100. 📉
Short-term calls saw high demand, hinting at a potential rise to $2,500. 📈 Yet, caution emerged in mid-term prospects as long-term traders stayed wary despite short-term bullish signals. ⚠️ The SOPR indicator, reflecting holder profitability, suggested a potential buying opportunity if history repeats itself. 🤔
https://altcoin.observer/eth-etf-entries-are-increasing-but-the-term-data-warn-the-traders-do-not-buy-the-rally/
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