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[Delphi Daily] ETH Can’t Stop, Won’t Stop

May 4, 2021 · 2 min read

By Ashwath Balakrishnan, and Jeremy Ong

Data Digest

1. ETH futures/perpetuals volume and open interest rise
2. ETH options volume flips BTC options volume
3. ETH funding still at sane levels
4. Meebits raises $78 million in half a day

Key Takeaways

  • We’re barely four days into May and ETH is already up 20% for the month. Trading volume and open interest on futures and perpetuals are increasing in lockstep with price.
  • When trading volume and open interest increase together, it’s a pretty reliable sign that the market’s current trend is set for continuation i.e. that ETH still has some strength.

Key Takeaways

  • Ethereum options trading volume and open interest breached new ATHs this week.
  • For the first time, ETH option volume on exchanges like Deribit, CME, and others flipped the daily volume of BTC options.

Key Takeaways

  • What’s surprising is that despite ETH’s price performance, perpetual swap funding rates are close to zero i.e. the perp market’s ratio of longs to shorts is balanced.
  • When ETH pumps this hard, funding is usually incredibly high as leveraged traders rush into long positions. With consistent and organic demand for ETH in spot markets, and a balanced futures market, current outlook for ETH is overwhelmingly favorable.

Key Takeaways

  • Larva Labs, the design studio behind Crypto Punks, launched it’s latest project — Meebits.
  • During the public sale/minting of Meebit NFTs, Larva Labs raised close to $80 million in 8 hours.

Notable Tweets

An introduction to Ethereum, DeFi, and NFTs with visual explainers.


The CI Galaxy Ethereum ETF is capturing Canada’s attention.

Over 210k BTC (1% of total hypothetical supply) have been tokenized on Ethereum.

 

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