Overview

• Ethereum is trading in the mid-$4,700s, less than 3% below its 2021 all-time high.
• Spot-ETF products saw roughly $729 million in inflows on August 13, intensifying spot buying and exchange outflows.
• Derivatives open interest hit a record $33.8 billion even as negative net taker volume highlights elevated leverage and liquidation risk.
• Analysts flag a CME futures gap around $4,080 and large transfers between Binance and Wintermute as potential catalysts for a near-term retracement.
• Large purchases by corporate treasuries and whale investors have drained exchange reserves, while rising Layer-2 network usage underpins medium-term demand for ETH.