As of press time, Ethereum is priced at $2,723.98, up by 4.1% in the past 24 hours. ETH lost the $2,700 footing on June 12, spending almost a month below it.
Rising open interest alongside a new net-short balance implies fresh money entering the market rather than positions closing.
Classical futures theory holds that increasing open interest combined with decisive price action confirms trend strength, while a divergence often precedes reversals.
The first is the expectation of $10 billion in incremental ETF inflows as second-wave platforms launch. At the same time, the second is the potential staking enablement inside US spot ETFs, projected to draw an additional $5 billion to $7 billion.
The report identified a third catalyst as the corporate treasury’s adoption, which may increase the number of public ETH-holding firms from 5 to 50. Wrapping up the catalysts is the block space demand from tokenized assets that “should lift fee burn and bolster the L1 yield profile.”
The report framed these flows as supportive after a first half marked by elevated but orderly leverage and record CME participation.
With ETFs absorbing spot supply and Binance futures showing contrasting signs, traders face a confluence that tends to accelerate price discovery.
Whether the next decisive move materializes through a long squeeze or a short cover will hinge on macro data and regulatory headlines. Still, the structural bid from regulated funds remains intact.
The juxtaposition of persistent spot demand and a rare net-short bias in derivatives sets a measurable backdrop as the third quarter opens.
