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The increase in whale activity on Ethereum has increased pressure on Bitcoin.
The correction of digital gold will continue due to the record growth of leverage and the massive inflow of funds towards the second largest cryptocurrency by market capitalization. This was stated by the head of research at K33, Vetle Lund.
According to him, the open interest in Bitcoin futures reached a peak in two years - 310,000 BTC ($34 billion). Over the past two months, the figure increased by 41,607 BTC, and during the past weekend - by 13,472 BTC. This sharp jump indicates a potential "turning point," as noted by the expert.
At the same time, annual financing rates have risen - from 3% to nearly 11%. Lund compares the current situation to the accumulation of leverage during the summer periods of 2023 and 2024, which ended with a wave of liquidations in August.
This time, the peak came at the end of the month, indicating a long phase of consolidation.
"The risk of sharp declines has now increased due to the mass closure of positions on the rise," warned Lund.
Capital Rotation in Ethereum
The actions of the Bitcoin giant have led to increased volatility in the market, as 22,400 BTC were exchanged for Ethereum via the decentralized exchange Hype..nite last week. This helped the second largest cryptocurrency by market capitalization achieve a historic milestone at the level of $4,956.
The ETH/BTC ratio surpassed 0.04 for the first time in 2025, shifting market momentum towards Ethereum.
However, Lund pointed out that despite Ethereum's rise in terms of the dollar, the relative dynamic of the digital asset against Bitcoin remains weak. Annual, biannual, and triennial indicators show negative trends.
Historically, the peaks of the second largest cryptocurrency by market cap have coincided with market peaks - as observed in the years 2017 and 2021. This is usually followed by an altcoin season. This year, the dominance of digital gold stands at 58.6%, compared to 40% during previous cycles.
"Although the relationship between the previous peaks of Ethereum and Bitcoin raises concerns, we have not yet reached a situation that clearly indicates overheating in the entire altcoin market," Lund confirmed.
At the time of writing this report, Bitcoin is trading at around $113,300. Over the past twenty-four hours, its price has risen by 2%. At the end of August, analysts at Swissblock referred to the first cryptocurrency's first level of support as "the rescue."