TLDR
- Ethereum is trying to reclaim the $2,000 threshold following extended selling pressure.
- Binance’s Estimated Leverage Ratio fell to 0.557, the lowest level since December, indicating traders are cutting back on risk.
- BitMine purchased 20,000 ETH valued at $39.8 million, achieving 72% of its target to own 5% of Ethereum’s total supply.
- For the first time, more than half of all ETH ever issued is now locked in staking contracts.
- Ethereum spot ETFs saw $48.63 million in net inflows, with zero outflows from any of the nine funds.
Ethereum is hovering around the $2,000 mark as traders monitor for indications of a lasting rebound. Currently, ETH trades at $1,972, representing a 1% gain over 24 hours, though it remains 38.54% lower for the month.
The $2,000 level has emerged as a critical threshold that traders are closely monitoring for near-term direction.
A metric attracting notice is Ethereum’s Estimated Leverage Ratio on Binance. Data from CryptoQuant shows the ratio declined to approximately 0.557, marking its lowest point since December.
This represents a decrease from a recent high of about 0.675, a period when traders were adopting more aggressive stances.
A declining leverage ratio indicates traders are either unwinding leveraged positions or shifting to more conservative approaches. Such deleveraging has historically preceded phases of price stabilization.
Reduced leverage typically lowers the likelihood of abrupt liquidation events that can trigger volatile price movements. Analysts suggest this could be establishing a firmer foundation for ETH price discovery.
BitMine Accelerates ETH Accumulation
BitMine, Tom Lee’s Nasdaq-listed company, added 20,000 ETH—valued at roughly $39.8 million—acquired from BitGo. This comes after the firm disclosed it had already purchased 45,759 ETH in the prior week.
It seems that Tom Lee()’s bought another 15,000 ($29.57M) from FalconX 8 hours ago.
Today alone, it has bought 35,000 ($69.37M).
— Lookonchain (@lookonchain)
BitMine reports it has now achieved 72% of its objective to accumulate 5% of Ethereum’s total supply. The company stands among the more assertive institutional purchasers of ETH at present price levels.
Analyst Ted Pillows observed that liquidity clusters stay evenly distributed, with longs and shorts both aggressively positioned on opposite sides of the current price. This configuration implies that a move in either direction could set off a cascade of liquidations.
liquidity clusters are pretty balanced right now.
Both longs and shorts are aggressive, which means both of them will be wiped out.
With the US-Iran situation escalating, longs could be taken out first and then late shorts.
— Ted (@TedPillows)
ETH Staking Hits Historic Milestone
Santiment reported that the proof-of-stake contract now contains over 50% of all ETH ever issued for the first time in the network’s 11-year history. The precise figure was 50.18%.
Smart money is massively staking !
— Crypto Rover (@cryptorover)
Staked ETH is secured in a one-way vault and cannot be traded or used while staked. This diminishes the quantity of ETH actively circulating in the market.
Everstake pointed out that staking expansion frequently accelerates during sluggish trading periods and bear markets. Approximately 120 million ETH currently exist on the network.
Regarding ETFs, SosoValue data indicated that Ethereum spot ETFs registered $48.63 million in total net inflows. None of the nine Ethereum spot ETFs experienced net outflows during the reporting period.
