Ethereum's on-chain and derivatives data are signaling mixed emotions in the market, with prices rising while open interest falls and whales silently accumulate assets.
Price Growth and Open Interest
Since early June, Ethereum's price has hit three local peaks above $2,500. However, Binance's open interest did not replicate this growth, showing lower highs under $5.6 billion, indicating leveraged traders are not backing the move.
This divergence began in early June and extended through July 1. Each time ETH approached new highs, open interest sharply declined, signaling traders' reluctance to increase exposure at these resistance levels.
BlackRock's Investment in Ethereum
On July 1, BlackRock purchased $54.8 million worth of Ethereum, even as a significant outflow of $24.1 million was reported that same day. This has left their net exposure to ETH at approximately $30.7 million.
This marked the largest single-day inflow of ETH during the recorded period. The trends for June show volatility in the flows, peaking at $98.0 million on June 24, but offset by substantial outflows on the same day.
Whale Accumulation of ETH
Data from Glassnode reveals that whale addresses holding between 1,000 and 10,000 ETH have sharply increased their positions. Whale net positions changed significantly positive in June, climbing from 12.8 million to 14.2 million ETH.
This accumulation marks the highest buying volume from large wallets since 2018. Concurrent with ETH price recovery, it indicates major players returning to the market.
Overall, the data points to a split sentiment among traders who remain cautious, while institutional and whale players express growing confidence.
