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ETH
’s Cost Basis Distribution Heatmap shows ~$2.5K as one of the strongest accumulation zones in months. Over 3.45M $ETH has a cost basis in the $2,513–$2,536 range, reinforcing this level as a major support zone.
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Yesterday saw another wave of ancient coins move on-chain, with 3.9k BTC aged over 10 years becoming active. This follows the 80k BTC that moved on July 4, 2025. Such activity from long-dormant supply often reflects internal reallocation, custodial shifts, or in some cases sell-side pressure.
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The sharp rally from $110k to $117k created an on-chain air gap or a low-density accumulation zone. Since the $122.6k ATH, price has held above it. If support fails, history shows such gaps can still evolve into bottom formation zones.
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Rising WETH borrow rates on Aave made the stETH leverage loop unprofitable, triggering unwinds that imbalanced the ETH/stETH pool and depegged stETH, contributing to ETH sell pressure. Additionally, a growing validator exit queue adds friction to arbitrage, slowing peg recovery.
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Spiking WETH borrow rates on Aave have rendered the stETH leverage loop unprofitable, triggering unwinds that have imbalanced the ETH/stETH pool and depegged stETH, resulting in heightened ETH sell-side pressure. Additionally, a growing validator exit queue adds delay and friction to arbitrage, hampering peg recovery.
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Altcoins are showing broad strength following #Bitcoin’s lead, but surging open interest across the sector suggests speculative froth may be building, raising the risk of sharper volatility ahead. Discover more in the latest Week On-Chain below👇 https://glassno.de/4o927B4
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