TLDR
- Binance ETH open interest reached an all-time high in ETH terms.
- BitMine reportedly bought about 125,000 ETH worth around $205M.
- BitMine holds about 5.54M ETH, equal to roughly 4.6% of supply.
- Ethereum has nearly 195M non-empty wallets, about 5M from 200M.
- ETH must break $1,700 to target $1,850-$1,900 or risk $1,600 support.
Ethereum market activity is rising as open interest in ETH terms on Binance reaches an all-time high, adding volatility risk while traders assess whether the asset can recover from weak sentiment. The increase shows that derivatives traders are rebuilding exposure after a difficult stretch for Ethereum.
Ethereum’s network data remains stronger than its recent market mood. The network now has nearly 195 million non-empty wallets, about 5 million away from the 200 million milestone and roughly 230% more than Bitcoin’s 59 million non-empty wallets.
Why is Ethereum open interest rising on Binance?
Ethereum open interest on Binance has reached an all-time high in ETH terms, showing that traders are taking larger derivatives positions. The rise suggests renewed risk-taking, but it can also increase liquidation risk if price moves sharply against crowded positions.
CryptoQuant data showed ETH open interest on Binance climbing to a record level. Open interest tracks outstanding futures and derivatives contracts that have not been settled, making it a key measure of leveraged market activity.
Source: Cryptoquant
The increase comes while sentiment around Ethereum remains weak. More traders appear willing to rebuild exposure, particularly on the long side, even as Ethereum struggles to regain stronger momentum.
ETF flows remain mixed. Ethereum spot ETFs recorded total net outflows of $35.5931 million, while BlackRock’s Staked ETH ETF ETHB saw the largest single-day net inflow at $1.6751 million. That split shows that institutional demand is still uneven despite rising derivatives activity.
How much Ethereum is BitMine buying?
BitMine has reportedly bought about 125,000 ETH worth around $205 million over the past few days. The company now holds about 5.54 million ETH, equal to roughly 4.6% of Ethereum’s total supply.
The latest on-chain activity follows BitMine’s confirmed purchase of 126,971 ETH worth about $213 million earlier this week. Wallets linked to the company have shown large transfers from major OTC desks and exchanges.
BitMine, chaired by Fundstrat analyst Tom Lee, has described its Ethereum strategy as the “Alchemy of 5%,” referring to a target of acquiring 5% of all ETH. The company is now close to that level and remains the largest corporate Ethereum holder.
Lee has compared investing in blockchain to owning real estate. He has argued that Ethereum and Bitcoin have operated without fraudulent transactions at the protocol level and that blockchains can support lower-cost settlement systems than parts of traditional finance.
He has also said agentic AI could use blockchains for speed, payments and reliable record-keeping. Lee indicated that BitMine may not need to own more than 5% of ETH supply and said the company could be added to the Russell 1000 index at the end of June.
What Ethereum price levels matter now?
Ethereum’s near-term price forecast depends on whether ETH breaks above $1,700 or falls below $1,600. A move above $1,700 would invalidate a possible bear flag setup and could push ETH toward $1,850 to $1,900, while a break below $1,600 could lead to a sweep of last week’s low.
Source: X
Trader Ted said ETH is forming another bear flag pattern. In that structure, $1,700 acts as the invalidation level for bearish continuation, while $1,600 is the key downside trigger.
Ethereum’s network growth continues to support the longer-term adoption case. Santiment data shows the network has nearly 195 million non-empty wallets, reflecting ongoing activity in DeFi, staking, tokenized assets and on-chain applications.
Ethereum is also gaining traction in tokenized stocks. Data cited by market participants shows Ethereum accounts for 47.1% of all tokenized stock issuance, giving it the largest share among blockchain networks in that category.
