Ethereum News Today: Ether Surges Past $4,500 as Futures Open Interest Hits $60.8 Billion Record

Ether’s price surged past $4,500 in early August 2025, coinciding with a record high in Ether (ETH) futures open interest, signaling intensified speculative and institutional activity in the market [1]. The open interest in ETH futures reached an unprecedented $60.8 billion, a significant increase from $47 billion a week earlier. However, this surge is largely attributed to ETH’s price appreciation rather than a notable rise in leveraged bullish positions, as open interest in Ether terms remains 11% below the July 27 peak of 15.5 million ETH [1].

Derivatives data reveals weak demand for leveraged bullish exposure despite strong spot market gains. The ETH perpetual futures annualized premium currently stands at 11%, a neutral level compared to the excessive demand observed when readings exceeded 13% [1]. Meanwhile, the ETH 30-day futures annualized premium fell back to 8% from 11% on Monday, indicating a lack of momentum from aggressive traders [1]. These metrics suggest that, despite a 32% rise in ETH’s price over the past 10 days, leveraged long interest has not returned to levels seen in previous bullish cycles.

Onchain activity and layer-1 competition present additional challenges to Ethereum’s dominance. The total value locked (TVL) on the Ethereum network dropped by 7% in the last 30 days, declining to 23.3 million ETH from 25.4 million ETH a month earlier [1]. Weekly base layer fees totaled $7.5 million, down 27% from the prior month and trailing behind key competitors like Solana ($9.6 million) and Tron ($14.3 million) [1]. These figures highlight a weakening onchain ecosystem for Ethereum.

Moreover, several major corporations and financial institutions are opting for independent layer-1 chain solutions rather than layer-2 integrations on Ethereum, challenging its position in decentralized finance [1]. X user techleadhd noted that Stripe, Circle, Tether, and JPMorgan have developed their own blockchain infrastructures instead of leveraging Ethereum’s layer-2 options, illustrating a shift in preference toward controlled, proprietary systems [1]. These models prioritize closed ecosystems over public networks, limiting the incentive for Ethereum-based solutions.

While institutional demand for ETH is evident in spot exchange-traded fund inflows, the broader onchain data paints a less optimistic picture. The growing open interest in ETH futures is primarily a function of its price increase over the past 30 days, not a surge in leveraged bullish positioning. Analysts caution that high open interest, combined with rising prices, can signal either strong conviction or a potential for profit-taking or liquidation if the price reverses [1]. The ETH/USDC pair has shown elevated trading volumes and tighter bid-ask spreads on major exchanges, suggesting improved liquidity [2].

Despite the bullish price action and growing interest, the Ether price remains near but not above its historical peak. Whether it can close above this level will depend on sustained buying pressure and continued confidence in Ethereum’s long-term fundamentals [1].

Source:

[1] https://cointelegraph.com/news/ether-futures-open-interest-hits-all-time-high-as-eth-price-tops-dollar4-5k-will-it-last

[2] https://www.binance.com/en/square/hashtag/ETFS

[3] https://coinalyze.net/ethereum/usdc/binance/price-chart-live