Ethereum · BitMine Immersion Technologies · SpaceX · Cointelegraph
ETH futures flash bearish signal, but stakers’ resilience points to underlying strength
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Demand for ETH leverage remains low, but corporate accumulation and stakers’ dedication may prevent an Ether price crash to $1,500.
Key facts
- The total value locked (TVL) on the Ethereum network dropped 33% in two months to $37.5 billion
- The entry queue for ETH staking validators currently sits at 50 days, totaling over 2.9 million ETH
- Total exposure on ETH futures has fallen 30% in a month, hitting a 13-month low
- Meanwhile, exchange-held ETH deposits dropped to 15.05 million from 16.15 million three months ago, pointing to heavy accumulation
Summary
While bearish ETH futures trends and spot ETF outflows signal weak institutional appetite, staking demand prevents further decline. Falling exchange deposits and accumulation by BitMine indicate holder confidence in ETH's long-term value. Ether (ETH) price failed to reclaim the $1,700 level over the past week, tracking a broader weakness across cryptocurrency markets. The ETH perpetual futures annualized funding rate flipped negative on June 5, meaning shorts are paying premiums to keep their positions open.