ETH open interest reached a record $40 billion as Ether price rose above $2,800 for the first time in 15 weeks.
Key points to remember:
An Ethereum whale has made $31 million in two ETH transactions over the past 44 days.
The number of unique Ethereum addresses surged by 70% in Q2, with the underlying network leading in activity growth.
$ETH is on the verge of breaking the monthly range, reaching a 15-week high of $2,827 on June 10. A daily close above $2,700 would mark the highest level since February 24.
After a month of price stability between $2,300 and $2,800, an Ethereum whale capitalized on the recent price surge. According to an X post from the chain tracking tool Lookonchain, this whale sold 30,000 ETH for $82.76 million through an over-the-counter (OTC) trade on June 10, realizing a profit of $7.3 million. This sale came after a $75.56 million ETH purchase on May 27.
This whale also purchased 30,000 ETH for $54.9 million at $1,830 through Wintermute OTC on April 27. On May 22, it sold ETH at $2,621 for $78.63 million, netting $23.73 million amid a 43% price increase.
This whale made a profit of $31 million in just 44 days.
Unique Ethereum addresses increased by 70% in Q2.
The number of unique addresses on the Ethereum network reached an all-time high of 17.4 million earlier this month. Data from growthepie highlights that the number of ETH addresses interacting with one or more chains has increased by 70.5% since the beginning of Q2. ETH addresses remain high, with 16.4 million active addresses observed on June 10.
The Base network led this significant growth, accounting for 72.81% of the 11.29 million addresses this week, while Ethereum's main network recorded 2.23 million addresses or 14.8%.
Cointelegraph notes that Ethereum continues to dominate the decentralized finance (DeFi) space, with ETH holding 61% of the total value locked (TVL) at around $66 billion.
However, there are still concerns about its sustainability due to only $43.3 million in fees over the past 30 days. Recent updates supporting the bundling of low-cost data packets (blobs) have reduced staking profits, as the reduction in ETH supply heavily relies on network fees.
Ethereum speculators may face $1.8 billion in liquidations on short orders above $2,900.
Ether's open interest (OI) in futures has skyrocketed to over $40 billion for the first time in history, signaling a highly leveraged market. This high open interest indicates potential volatility.
Despite the risks, liquidity dynamics remain balanced. Data from CoinGlass shows that $2 billion in long positions face liquidation risk at $2,600, while $1.8 billion in short positions are at risk of liquidation at $2,900. This balance makes the next move of market makers uncertain, as they may pursue liquidity on both sides. #ETHPrice