Ethereum futures open interest (OI) has surpassed $40 billion for the first time as ETH surged above $2,800, fueled by escalating network activity and strategic trades by large investors. This milestone reflects heightened trader confidence and speculative participation across derivative markets.
A notable Ethereum whale executed over-the-counter trades that yielded $31 million in profits within a 44-day period. The entity purchased 30,000 ETH at $1,830 per token and sold at $2,621, capitalizing on the market rally through precise timing.
Network growth metrics show unique Ethereum addresses increased by 70.5% in Q2, reaching 17.4 million. Layer-2 solution Base drove recent activity, accounting for approximately 73% of Ethereum’s 11.29 million active addresses during the latest recorded week.
Ethereum continues to dominate decentralized finance with 61% of the sector’s total value locked (TVL), equating to $66 billion. However, concerns persist regarding network revenue, with gas fees generating just $43.3 million over the past month.
Market vulnerability is heightened around current price levels, with $2 billion in leveraged long positions at risk below $2,600 and $1.8 billion in short positions vulnerable above $2,900, signaling potential for increased price volatility.