Large-scale transactions on the Ethereum blockchain have cooled significantly, and market opinions on whether this rebound can continue have become divided. Latest data shows that the number of ETH whale transactions has declined sharply since early June, and derivatives positions have also fallen accordingly, but some active funds still maintain a bullish bias.
Whale trades decreased to 294.
Data disclosed by market analysts on the X platform shows that the number of large Ethereum transactions has dropped from 2,194 on June 5 to 294, a decrease of 86.6%. This type of data is typically used to observe whether institutions and large investors are still actively transferring funds or adjusting their positions.
A decrease in whale trading doesn't directly equate to increased selling, but it at least indicates that large funds are not currently significantly increasing their participation. Especially when ETH is nearing a phase of correction, this cooling down is more easily interpreted by the market as a wait-and-see signal.
Open interest fell
The derivatives market also cooled down. ETH open interest fell 11.45% to $10.4 billion, indicating that some traders are withdrawing from the futures market and overall activity has declined.
However, funding rates bucked the trend, rising 34.71% to 0.01278, indicating that some traders are still willing to pay higher costs to maintain long positions. This means that overall market participation has decreased, but the remaining funds are still biased towards bullish positions.
Binance has a large number of top-tier accounts.
Data from Binance's top traders shows a long-short ratio of 2.81, with long accounts accounting for 73.76% and short accounts accounting for 26.24%. Even with a decline in both whale activity and open interest, some active traders are still betting on a continued ETH rebound.
In terms of price, ETH rebounded from around $1562, rising to around $1750 and briefly testing the $1800 resistance level before encountering selling pressure and falling back. The MACD maintains a golden cross structure, and ETH remains above the $1720 support level, indicating that the short-term recovery trend has not been broken.
However, the upside potential is not yet fully realized until it truly reaches $1800. If it breaks through and holds this level, market attention may shift to the $2000 area; if it encounters resistance again, the price may retrace to $1720, or even retest the $1562 support level.
