The climb above $2,700 broke the previous chart’s bearish structures. $ETH also retained its position at 0.032 $BTC, achieving a faster recovery compared to the leading coin.
$ETH took months to shake off the damage of the October 10, 2025 liquidation event. Nearly a year later, $ETH looks more hopeful, though traders are cautious about announcing a full bull market. As Cryptopolitan reported, $ETH is closely watched for its capability of breaking above $5,000.
$ETH open interest is back at over $18B, while spot demand has depleted exchange reserves, setting up the stage for another breakout to a higher price range. For now, $ETH sentiment remains neutral at 55 points, down from greed levels in the past week.
$ETH achieves the highest open interest on Hyperliquid
During the latest $ETH rally, Hyperliquid open interest played a bigger role in trading dynamics. The $ETH market looks more dynamic, leading to an event where open interest flipped $BTC positions.
Open interest for $ETH rose by 2.46% on Hyperliquid, accelerating faster than $BTC positions. Open interest for $ETH broke above $3B, with $1.2B in trading volumes. $BTC still trades with over $2.2B in daily volumes.
Hyperliquid whales are also bullish, with over 65% taking up long positions. For other markets on average, long open interest is at 57% of all positions.
For now, the biggest $ETH position on Hyperliquid is short, with a notional value of $283M. The position brings its owner $2.6M in funding fees, as funding rates remain positive.
On Hyperliquid, $ETH liquidity is also cleanly separated, with long positions going down to $2,500, while short liquidity is available as high as $2,900.
The Wintermute market maker has also prepared for active trading, deploying $126M in short positions, with $46.92M in $ETH short open interest. The position is carrying unrealized gains, as well as $402K in funding fees.
Whales return for spot $ETH
Spot demand is also showing renewed strength. $ETH remains a utility token, with value for staking, DeFi and other use cases.
One anonymous whale accumulated $31M in $ETH from OKX and Binance, held in a self-custodied address. As a whole, accumulation addresses continued to expand even faster in September, now holding over 23M $ETH. Despite setbacks, $ETH ownership never faced a capitulation, showing long-term confidence.
A total of 35.72% of the $ETH supply is now staked, for over 43M $ETH. Recently, Sharplinkg Gaming staked 42,072 $ETH as staking has become one of the main targets for treasury companies. Treasuries now hold a total of 8.49M $ETH, of which a large part is sent for staking. Bitmine now holds over 6M $ETH, planning to stake most of the coins.
