Key Points:
- Futures open interest hit $41B, with traders heavily shorting ETH.
- Whales added $3.79B worth of ETH in the past 30 days.
- ETH’s next rally may hinge on institutional adoption.
Ethereum (ETH) is drawing renewed attention as futures open interest (OI) surged to an all-time high of over $41 billion on June 11, 2025, and remains elevated at over $34 billion at the time of reporting, according to CoinGlass. The significant increase in leveraged positions points to intensified speculative activity, with a notable skew toward net short positions, indicating traders are heavily betting against a near-term price breakout.
As of June 16, 2025, Ethereum shows a strong short bias in the derivatives market, with $28M in short positions far outweighing $7.51M in longs. This suggests traders are anticipating further downside or volatility near the $2,615 level.
Whales Accumulate
Over the past 30 days, wallets holding between 1,000 and 100,000 ETH (whales) have added a total of 1.49 million ETH, valued at roughly $3.79 billion, according to data from Santiment.
This long-term Ethereum chart reveals a clear trend of capital rotation:
- Meanwhile, 5–10 year holders (blue) peaked and have started to decline, indicating that some of the oldest wallets have begun realizing profits or reallocating.
- The 3–5 year cohort (red) has steadily risen, now at its highest level (21.2%), showing that more ETH is aging into this category, which is typically a sign of long-term conviction.
- The (180d–1y) holders (yellow) have seen repeated boom-bust cycles, but have now dropped to just 14.79%, reflecting that mid-term sentiment and participation remain weak.
Overall, Ethereum is consolidating in the hands of long-term believers, while older participants exit and newer entrants remain cautious often a sign of a maturing market.
ETF Activity Mixed Amid Bullish Underlying Trend
U.S.-based Ethereum spot ETFs saw a net outflow of $2.18 million on June 13, 2025, marking the first withdrawal since May 15, 2025, and breaking a multi-week streak of consistent inflows.
However, BlackRock and Fidelity are bolstering ETH’s ecosystem by launching tokenized bonds and stablecoin-backed products, reinforcing its long-term institutional appeal.
Truth Social, the social media platform launched by U.S. President Donald Trump, has formally submitted an application to the SEC for a dual cryptocurrency ETF focused on both Bitcoin and Ethereum. The proposed fund, named the Truth Social Bitcoin and Ethereum ETF (B.T.), was filed on June 16, 2025.
Conclusion
While speculative short positions dominate Ethereum’s derivatives market, the underlying fundamentals tell a different story. Whale accumulation, growing long-term holder conviction, and institutional moves such as new ETF filings and tokenized product launches highlight a maturing ecosystem that could set the stage for Ethereum’s next growth phase once broader market sentiment stabilizes.
