Ethereum News Today: Ethereum Surges to $60B Open Interest as 1M ETH Withdrawals Signal Strategic Accumulation 98% Holders in Profit

Ethereum’s market dynamics have intensified as the cryptocurrency recorded a record $60 billion in futures open interest on July 29, 2025, signaling robust trader participation and strategic accumulation. Concurrently, over 1 million ETH was withdrawn from exchanges this month, marking a shift from speculative trading to long-term positioning. This outflow, coupled with on-chain data showing 98% of ETH holders in profit, suggests a coordinated buildup of supply control amid Ethereum’s price hovering near $4,000 [1].

The surge in open interest reflects heightened confidence in Ethereum’s near-term trajectory. Analysts note that the $60 billion figure represents a calculated market structure rather than speculative excess, with technical indicators showing an RSI above 85, indicating overbought conditions. Despite a 0.87% intraday pullback, the price remains within 3.4% of the critical $4,000 resistance level [1]. Short-term liquidity bands near $3,980, totaling $115 million, highlight concentrated short positions that could trigger a squeeze if upward momentum persists [2].

The decline in exchange reserves—from 20 million to 19 million ETH this month—underscores a tightening spot market. Traders interpret this as evidence of accumulation rather than profit-taking, with over 98% of ETH supply in profit reinforcing bullish momentum. The interplay between elevated futures liquidity and constrained spot supply creates favorable conditions for sharp price movements, particularly if institutional demand continues to drive inflows [1].

Market participants are now scrutinizing whether Ethereum can retest the $4,000 threshold, a pivotal psychological level. While no analyst forecasts were explicitly cited in the latest data, the confluence of strategic accumulation and record open interest suggests the asset’s next move may hinge on macroeconomic developments. Institutional adoption, including Ethereum’s $2.1 billion in protocol revenue during the first half of 2025, further solidifies its long-term value proposition amid recent volatility linked to broader market uncertainties [3].

The price dip below $3,800 USDT on July 28, 2025, coincided with the large on-chain withdrawal, hinting at potential long-term positioning by large investors. This aligns with historical patterns where significant withdrawals precede major price consolidations or breakouts. Meanwhile, the futures market’s record open interest underscores Ethereum’s growing institutional footprint, driven by sustained positive inflows over 11 weeks [3].

Investors are advised to monitor liquidity bands and market momentum closely, as the combination of tight spot supply and strategic accumulation could catalyze a breakout. The data suggests a calculated buildup rather than speculative hype, with Ethereum’s trajectory likely shaped by how institutional players navigate upcoming macroeconomic data releases.

[1] https://m.economictimes.com/crypto-news-today-live-29-jul-2025/liveblog/122959972.cms

[2] https://www.btcc.com/en-US/coin-news/market-updates/btcc-crypto-daily-7-28-u-s-eu-trade-agreement-concluded-macro-super-week-kicks-off-eth-nears-critical-4000-level

[3] https://m.sosovalue.com/assets/etf/us-btc-spot