Ethereum’s open interest has reached a new all-time high, surpassing $13 billion—a remarkable 40% growth over the past four months.

This milestone highlights Ethereum’s increasing market activity and growing investor interest.

Adding to the market intrigue is the reactivation of a long-dormant whale account. This whale, who initially acquired 398,889 ETH between January 18 and March 10, 2016, at an average price of $6 per ETH (then worth $2.4 million), has begun selling after remaining inactive for over eight years.

Since November 7, the whale has offloaded 73,356 ETH, valued at $224.42 million, reducing its holdings to 325,533 ETH, currently worth $1.1 billion. This development has sparked speculation about the whale’s potential impact on Ethereum’s price as it continues to liquidate its assets.

Meanwhile, the Ethereum ETF market also saw notable activity. On November 21, the total net outflow of Ethereum spot ETFs amounted to $9.0492 million. Grayscale’s ETHE experienced a significant single-day outflow of $27.0753 million, whereas Fidelity’s FETH ETF recorded a net inflow of $16.79 million.

ETFs Data Shows Mixed Sentiment Among Investors

These ETF flows reflect mixed sentiment in the market, with some investors capitalizing on recent gains while others continue to accumulate Ethereum exposure.

Ethereum’s open interest and the whale’s movements underscore the dynamic state of the market. As Ethereum’s ecosystem grows and institutional participation increases, the network remains at the forefront of the cryptocurrency industry.

However, the reactivation of dormant wallets and fluctuating ETF activity serve as reminders of the potential volatility that accompanies such milestones. Investors will closely watch how these factors influence Ethereum’s price trajectory in the coming weeks.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!

Image Source: nexusplexus/123RF // Image Effects by Colorcinch