- Nine fresh wallets now hold over 640,000 ETH since July 9.
- Open interest across all exchanges breaks historic $28.2B level.
- Whale buys suggest strategic accumulation ahead of expected ETH rally.
Ethereum is drawing renewed attention as whale accumulation and rising open interest signal strong market momentum. Lookonchain data show large investors are rapidly accumulating ETH through newly created wallets. One wallet (0x3dF3) received 12,000 ETH ($45.01 million) from Galaxy Digital’s OTC wallet just eight hours ago.
Another fresh wallet (0x286f) acquired 12,749 ETH ($48.06 million) from FalconX’s hot wallet six hours earlier. Since July 9, nine such wallets have absorbed 640,646 ETH, worth approximately $2.43 billion.
Data from July 28 already confirmed that this group holds 628,646 ETH. The continued accumulation suggests increasing whale or institutional confidence in Ethereum. Analysts note that this could reflect preparation for long-term holding or positioning ahead of expected market shifts.
Ethereum Open Interest Breaks Records
Meanwhile, ETH open interest across all exchanges has reached $28.2 billion, as reported by CryptoQuant. This milestone marks the highest open interest ever recorded for Ethereum. ETH is currently trading around $3,813.64, despite a 1.52% dip over the past 24 hours.
Rising open interest is often linked to leveraged trading activity. Analysts interpret the trend as a sign of growing trader confidence in further upside movement. Some describe the current rally as “most hated,” since many traders have remained on the sidelines. This setup could trigger FOMO (fear of missing out) entries as bullish momentum accelerates.
Market Watchers Eye Parabolic Setup
With prices climbing and leverage building, Ethereum’s market structure is showing signals of a possible breakout. Analysts suggest the current pattern does not reflect a standard breakout phase. Instead, it appears more aligned with a setup for a parabolic move.
As leverage increases, latecomers may be left out of the rally. This dynamic could intensify volatility and price action in the coming days. Both whale accumulation and record-breaking open interest point to a coordinated shift in market sentiment.
CoinCryptoNewz previously reported that the top 100 Ethereum addresses have significantly reduced their holdings since May. Their collective share of the ETH supply fell from 22% to 19.6%, marking a decline of approximately 2.9 million ETH.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
