Ether has surged recently, climbing to a 15-week high of $2,827 after consolidating between $2,300 and $2,800 for the previous month. A notable Ethereum whale sold 30,000 ETH for $82.76 million in a single over-the-counter trade on June 10, resulting in a $7.3 million profit. Prior to this, the whale's investments included a purchase of the same amount of ETH at $1,830, resulting in healthy returns within a short time span.
In Q2, the Ethereum network also saw an increase of 70% in unique addresses, with the Base network contributing significantly to this uptick. Currently, there are about 17.4 million unique addresses, a record for the network. Participation in the decentralized finance (DeFi) space remains strong, with ETH comprising approximately 61% of the total value locked, totaling roughly $66 billion. Despite these gains, concerns linger regarding the sustainability of Ethereum's price movements, as the fees collected by the network over the past month stand at only $43.3 million.
Looking ahead, Ether's futures open interest has crossed $40 billion, indicating a heavily leveraged market. This setup suggests increased volatility, especially since $1.8 billion in short positions are at risk of liquidation above $2,900. While market makers now have to navigate this delicate balance, the potential for price fluctuations remains high.
In Q2, the Ethereum network also saw an increase of 70% in unique addresses, with the Base network contributing significantly to this uptick. Currently, there are about 17.4 million unique addresses, a record for the network. Participation in the decentralized finance (DeFi) space remains strong, with ETH comprising approximately 61% of the total value locked, totaling roughly $66 billion. Despite these gains, concerns linger regarding the sustainability of Ethereum's price movements, as the fees collected by the network over the past month stand at only $43.3 million.
Looking ahead, Ether's futures open interest has crossed $40 billion, indicating a heavily leveraged market. This setup suggests increased volatility, especially since $1.8 billion in short positions are at risk of liquidation above $2,900. While market makers now have to navigate this delicate balance, the potential for price fluctuations remains high.
