Key Takeaways
Ethereum just saw a 2% dip and heavy liquidations, yet Open Interest and ETF inflows suggest strong underlying conviction. BlackRock alone added 50,970 ETH as capital quietly rotates from Bitcoin.
Ethereum [ETH] just took a 2% hit and got rejected hard at a key resistance level, and suddenly $3,000 is looking more like a local top than a launchpad.
In fact, that drop wiped out $82.28 million in longs, nearly 80% of the day’s liquidations. And there’s still $47 million hanging by a thread, ready to go with even a minor dip.
Typically, you’d expect a deeper flush in Open Interest (OI) after that kind of leverage reset. But interestingly, OI has barely budged, down just 0.55% from its record $43.94 billion the day before.
Source: CryptoQuant
Zoom out a bit, and the setup feels familiar.
Back then, Ethereum’s OI held steady through a tight consolidation zone between $2,640 and $2,450. The result? A breakout rally that pushed ETH up 20% in under two weeks, alongside a fresh OI peak.
Now, throw in another $260 million into spot ETH ETFs, bringing the total to nearly $1.1 billion over just four trading days, marking the strongest run since their launch last July.
Put it all together: Futures positioning is holding strong, spot inflows are ramping. Clearly, someone’s leaning in while the broader market hesitates. Could this be a move the rest of the market hasn’t priced in yet?
Top entities tighten strategic control over Ethereum supply
For the first time ever, Ethereum’s strategic reserves have crossed $4 billion, with 1.11% of the supply now concentrated in just 50 entities.
BlackRock’s latest buy of 50,970 ETH worth $150 million only adds fuel to the narrative. And it might not be random timing.
The ETH/BTC ratio has posted two straight green candles, hinting that as Bitcoin [BTC] struggles at resistance, capital could be quietly rotating into Ethereum.
Source: TradingView (ETH/BTC)
The divergence shows up in the data, too. Bitcoin’s Open Interest has dropped 3.72%, with the price now 5% off its $122k high. Meanwhile, ETH has kept its OI drawdown to just 2%, showing more stability under pressure.
If that relative strength holds, Ethereum could be setting up for another leg higher, using this 2% dip as a springboard for a breakout above $3,000.
