Ethereum (ETH) Trading Frenzy: Binance Seals All-Time High Volume as Speculators Pile In
Ethereum just ripped the record books apart—Binance's order books are overflowing with ETH trades as speculation hits fever pitch.
The FOMO is real
Retail and whales alike are throwing gas money at the second-largest crypto, chasing the next parabolic move. Binance’s matching engine is practically smoking.
Wall Street’s FOMO lagging as usual
While degens front-run the action, traditional finance is still drafting PowerPoints about 'blockchain exposure.' Too busy calculating management fees to catch the rocket, apparently.
One thing's clear: when ETH moves, it drags the entire altcoin casino along for the ride. Buckle up—or watch from the sidelines with your 'diversified portfolio.'
ETH quickly recovers open interest
The current ETH market cycle far surpasses the 2021 bull market in terms of derivative open interest. Growing derivative infrastructure and demand for hedging through options have changed the ETH market, leading to more speculative price moves.
Binance remained the biggest market with $7.1B in open interest. However, the exchange is yet to recover its open interest peak from August 2025.
ETH is more volatile compared to BTC, and also reflects more quickly the general recovery for altcoins. However, the price recovery does not necessarily reflect Ethereum adoption or on-chain activity, as during past cycles. This time, ETH valuations may depend on derivative exchanges, with renewed influence for Binance.
Binance has emerged as the main venue for high-volume trading, including spot and derivative markets. The exchange absorbs most of the new token activity, as well as speculative ETH activity. Hyperliquid is influential, but carries just $1.8B of Ether open interest.
At the same time, the concentration of open interest on one exchange can lead to more dramatic liquidations. As a result, in the past 24 hours, Ethereum saw $90.64M in short liquidations. Binance also led the liquidation activity for the day with $7.8M in total liquidations.
Can ETH revisit $4,000?
Based on derivative market liquidity, ETH is locked in a range, with re-accumulation of long liquidity.
On the downside, ETH has positions down to $3,300. Short positions, however, are going up to around $3,700, signaling a MOVE to $4,000 is unlikely in the short term.
At its current price range, ETH sets up expectations for both a rally to a new price range, and a short-term crash.
Ether traded at a slight premium on futures markets, signaling a potential breakout. On perpetual futures, ETH had a small discount and traded closer to $3,600.
The smartest crypto minds already read our newsletter. Want in? Join them.
