Ethereum Futures Market Heats Up
Ethereum’s futures market has seen a big increase in activity over the past week. Data from Glassnode shows that open interest on CME (Chicago Mercantile Exchange) is now $3.27 billion, the highest level since early February.
According to CryptoQuant analyst Maartunn, total Ethereum open interest across all exchanges is now at an all-time high — more than 8 million ETH, worth about $22.3 billion.
Even more surprising, Ethereum’s futures trading volume has surpassed Bitcoin’s. ETH futures saw $62.1 billion in 24-hour volume, slightly above Bitcoin’s $61.7 billion. This shows that more traders are now focusing on Ethereum.
More ETH is Being Withdrawn and Staked
On-chain data also points to a bullish trend. The amount of ETH held on centralized exchanges has dropped to 18.59 million ETH — the lowest ever recorded. This usually means investors are moving ETH off exchanges for long-term holding or staking.
Meanwhile, the total amount of staked ETH has reached a new record: 29.91 million ETH. These signs show that there’s less ETH available for trading, which can lead to higher prices if demand grows.
Leon Waidman, Head of Research at Onchain Foundation, said Ethereum sentiment is now at its strongest point of the year.
Whales and Institutions Are Buying More Ethereum
Big investors and institutions are actively buying ETH. Blockchain tracker Lookonchain reported that over 127,000 ETH (worth about $358 million) was bought in just 24 hours through multiple wallets.
Some major purchases include:
- SharpLink Gaming bought 5,072 ETH in an over-the-counter (OTC) deal.
- A wallet linked to the GMX exploit converted $32 million into 11,700 ETH.
- A whale spent $25 million USDT to buy over 9,000 ETH.
- A user named pfm.eth used $8 million USDT to buy almost 3,000 ETH.
- According to Arkham, BlackRock bought $158 million worth of ETH, which is more than their recent $125 million Bitcoin investment.
Indicators Show Ethereum Could Keep Rising
Technical charts show strong buying pressure:
- The MACD indicator is above the signal line, meaning momentum is positive.
- The RSI is above 70, meaning ETH may be slightly overbought, but buyers are still in control.
If this trend continues, Ethereum could soon break above $3,300. Back in March, analyst Ted Pillow predicted that ETH could eventually reach $10,000. That once seemed far off — but now, it’s starting to look more possible.
