The increase in whale activity in Ethereum has increased the pressure on Bitcoin.

The correction of digital gold will continue due to the record growth of leverage and the massive influx 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 nominal open interest in Bitcoin futures contracts reached its peak in two years - 310,000 BTC ($34 billion). Over the course of 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 rose - from 3% to nearly 11%. Lund compared 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 prolonged phase of consolidation.

"The risk of sharp declines has now increased due to the mass liquidation of positions on the rise," Lund warned.

Capital rotation in Ethereum

The actions of the Bitcoin giant led to further market fluctuations, as 22,400 BTC was exchanged for Ethereum on the decentralized exchange Hype..nite last week. This helped the second-largest cryptocurrency by market capitalization achieve a historic milestone of $4,956.

The ETH/BTC ratio surpassed 0.04 for the first time in 2025, shifting market momentum towards Ethereum.

However, Lund noted that despite Ethereum's rise in terms of dollars, the relative dynamics of the digital asset against Bitcoin remain weak. Annual, biannual, and triannual indicators show negative results.
Historically, the peaks of the second largest cryptocurrency by market capitalization have coincided with market peaks - this was observed in 2017 and 2021. This is usually followed by an altcoin season. This year, the dominance of digital gold is 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.

As of the time of writing this report, Bitcoin is trading at around $113,300. Over the past twenty-four hours, its price has increased by 2%. At the end of August, analysts at Swissblock referred to the first cryptocurrency's primary support level as "the rescue".