The open interest on Ethereum derivatives contracts has reached an all-time high of $23 billion, up from $7 billion at the beginning of the year. This influx of capital may lead to increased volatility and potential price movements, prompting one analyst to anticipate "heavy fireworks" in the market. However, despite this growth, Ethereum has significantly underperformed Bitcoin, with its value rising only 77% compared to Bitcoin's 156% increase over the last 12 months. Additionally, a whale who accumulated nearly 400,000 ETH when the cryptocurrency was trading at $6 per token has recently restarted selling. Ethereum is currently trading at $3,600 and has a market capitalization of $433 billion.



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