Ethereum's futures market has reached an all-time high in open interest, surpassing $20 billion, while the cryptocurrency's spot price is currently below $2,800.

As of June 12, 2025, Ethereum is trading at $2,755, reflecting a slight decline of 0.27% in the last 24 hours.

Whales, including institutional players like Abraxas Capital, are withdrawing significant amounts of Ethereum, indicating strong accumulation trends in the market.

In a notable move, BlackRock has increased its Ethereum purchases, acquiring $570 million worth over the past two weeks, showcasing a robust institutional commitment to ETH.

Retail investors are increasingly participating in Ethereum derivatives, contrasting with stagnant on-chain activity observed in Bitcoin, according to insights from CryptoQuant.

Analysts suggest that if Ethereum breaks the $2,800 price level, it could trigger a rally towards the $3,000 mark, with some predicting it will be the last major altcoin to experience significant gains before a potential market downturn.

Blockchain analytics firm Glassnode reports that the surge in futures open interest is primarily driven by cash-margined contracts, which enhance exposure and contribute to market volatility.

Despite the bullish sentiment surrounding Ethereum, the high levels of leverage in the market present risks, as historical data indicates that excessive open interest can lead to sharp liquidations during volatile conditions.