A recent transfer of a large sum of Ethereum, totaling 113,000 ETH to Coinbase, has raised concerns about potential market correction. This event coincided with a record level of open interest in ETH futures.
Whale Movement Triggers Market Concerns
Blockchain analytics platform Lookonchain flagged a massive transaction of 113,000 ETH—valued at approximately $313 million—deposited into the crypto exchange Coinbase. The move was initiated from a single whale wallet amid heightened speculative trading activity and increasing institutional accumulation of ETH. Whale deposits to centralized exchanges are often interpreted as a signal that large holders may be preparing to sell.
Leverage Hits Record High
The timing of the whale deposit aligns with a new all-time high in Ethereum futures open interest. According to data from Coinglass, ETH futures open interest has surpassed $29 billion, driven by increasing speculative activity using stablecoin-backed, cash-margined contracts. This trend is also reflected in the growing presence of retail traders in Ethereum’s derivatives market.
ETH Price Outlook and Key Levels
Ethereum is currently trading at $2,295, marking a slight 0.16% decline over the past 24 hours. Analysts have identified $2,800 as a critical resistance level. However, with leverage peaking and large ETH volumes moving to exchanges, the market remains on alert for a possible correction.
Thus, despite growing institutional interest and current speculative momentum, the transfer of large volumes of ETH to exchanges introduces a new level of uncertainty in the market.
