140,000 ETH Leave Exchanges; Ethereum Open interest Hits ATH: A Rally to $3k?

Key Highlights

• Ethereum open interest hits a new all-time high of $20 billion

• 140,000 ETH worth $393 million leave exchanges

$20 Billion in ETH Futures — A New All-Time High

According to Glassnode, Ethereum's open interest has just hit a new milestone. Open interest in cash-margined ETH futures has now surpassed $20 billion, setting a new all-time high.

What does that mean? It means traders are betting big on Ethereum using stablecoins as collateral even though ETH recently dipped from the $2.8K mark. Rather than panic selling after price pullback investors are increasing leverage. This kind of behavior signals confidence, and possibly greed, as traders anticipate higher prices ahead.

Besides futures, options traders are bullish too. As per Glassnode data, the bullish sentiment is even louder in the ETH options market. Key metrics point to traders betting on the upside.

Also Read: Ethereum whales buy 611k ETH

Accordingly, the Put/Call Open Interest Ratio is at 0.43, showing far more open interest in calls (bullish bets) than puts.

The Put/Call Volume Ratio has dropped to 0.63, meaning more traders are actively buying call options. This skew toward calls shows that the market is expecting a potential price breakout, as traders look to gain from upside volatility.

$393M ETH Withdrawn in a Day — The Biggest Since May

Amid the rising demand for future positions, In another major signal, over 140,000 ETH — worth about $393 million was withdrawn from centralized exchanges in just one day. According to IntoTheBlock, this is the largest single-day ETH outflow in over a month.

When ETH leaves exchanges, it usually means holders want to store it securely, often in cold wallets. That’s not something you do if you're planning to sell soon. Instead, it's a strong HODL signal, and it reduces sell-side pressure on the market.

Additionally, a whale has started accumulating again. Thus, a whale Moves ETH worth $93.5M Withdrawn and $46M Long Opened. A well-known wallet (0xFC82) withdrew 33,500 ETH — about $93.5 million — from Binance over the past two days.

Meanwhile, another whale deposited $10M USDC into HyperLiquid and opened a 10x leveraged long position on ETH, now worth $46 million. When whales remove ETH off exchanges and open massive long positions, it suggests they’re betting big on a rally.

Is Ethereum Ready to Rally?

According to market behavior from key players, ETH Is gearing up for a major move. Therefore, Ethereum is showing strong signals from every direction.

Major moves by whales, retailers and bullish sentiment in futures set Ethereum for potential rally. Thus, this is a textbook setup for a breakout. Confidence in Ethereum is growing, and bulls now eye a rally to $3k.