The analytical company in the Glassnode chain has revealed how the Ethereum termination contracts market is still overheated despite the long clipping that has just happened.

Ethereum open interest still clearly above the annual average

In recent post WX Glassnode discussed how the Futures Ethereum market has changed during the last day. ETH, like other digital assets, witnessed significant variability in this window. Acute price effect usually means chaos on the side of the sector derivatives and indeed a huge amount of liquidation on various exchanges has arranged.

Considering that the price campaign mainly had a defect for Ethereum, long investors would affect. Below is a chart divided by an analytical company that shows a trend in long liquidations related to ETH over the past year.

The chart shows that the Futures Ethereum market was just witnessing a huge long liquidation. “Yesterday 76.4 million USD ETH liquidation went to the market, from $ 55.8 million erased in one hour-dung, as to the size of an increase during the year, just for $ 56 million of USD 9,” notes Glasnode.

These liquidations meant that on the derivative platforms there was a significant rinse of the ETH lever. Here is another chart, this time to open interest, which shows the deletes of the market:

“Open interest” is an indicator that tracks the total number of Futures related to Ethereum, which are open to all centralized replacements of derivatives. At the beginning of the month, this record sat about $ 20.5 billion, but after mass liquidation, its value fell to $ 15.9 billion.

This suggests that $ 4.6 billion has been erased from the market. Although this is a massive decrease, in fact it was not enough to cause a sufficient number of renewal in open interest.

As shown in the graph above, the 365-day average perceiving (Ma) percentage of Ethereum is currently located on $ 13 billion. Therefore, the daily value of the record is about 22% higher than the average in the last year.

This may be a potential indication that the lever in the sector is still at an elevated level, despite the huge amount of liquidation, which is suffering from length investors.

Historically, the overheated Futures contract market has generally developed the variability of the price of the coin, so it is possible that more acute actions could occur in the near future.

Price ETH

Ethereum saw an accident yesterday compared to the USD 2100 sign, but it seems that the cryptocurrency saw the reflection because its price is currently trading around 2800 USD.