Ethereum Open Interest Hits $13B As Dormant Whale Resurfaces
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.
On November 21, the total net outflow of Ethereum spot ETF was $9.0492 million. Grayscale ETF ETHE had a net outflow of $27.0753 million on a single day, and Fidelity ETF FETH had a net inflow of $16.79 million on a single day. https://t.co/Tvs2oCSxTg pic.twitter.com/cVDj4SzgSz
— Wu Blockchain (@WuBlockchain) November 22, 2024
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.
A whale that accumulated 398,889 $ETH(currently worth $1.34B) at an average price of ~$6 is selling $ETH again!
This whale accumulated 398,889 $ETH(then worth $2.4M) between Jan 18 and Mar 10, 2016, at an average cost of ~$6 per $ETH.
After remaining dormant for over 8 years,… pic.twitter.com/9rfw1IrdRt
— Lookonchain (@lookonchain) November 22, 2024
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.
Ethereum Derivatives Market Signals Bullish Momentum
“Ethereum's open interest has surpassed its previous ATH (all-time high), exceeding the $13 billion mark—an increase of over 40% in the past four months.” – By @EgyHashX
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