Altcoins News
By James Thorp
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Supply Crunch Adds Fuel to the Rally. Exchange-held ETH fell roughly 15% between early June and mid-August — dropping from around 7.
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Futures and Liquidations Tell a Messier Story. Ethereum futures open interest hit $31.81 billion — equivalent to 13.06 million ETH.
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Options Traders Are Playing Defense. The options market sent a split signal. Call options made up 58.41% of open interest — about 1.
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Ethereum had a big week. The token climbed 29.8%, blowing past Bitcoin's 22.9% gain over the same stretch, and briefly touched $2,546 on Saturday afternoon.
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Spot ether ETFs pulled in roughly $697 million in net inflows over the week, with the bulk of that money moving between August 19 and August 21.
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The supply squeeze wasn't a sudden event. It built gradually over weeks, which makes the rally feel less like a random spike and more like a pressure cooker that finally blew.
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Ethereum futures open interest hit $31.81 billion — equivalent to 13.06 million ETH. Binance held the biggest slice at $8.77 billion.
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The liquidation numbers were rough. Ethereum accounted for $264.92 million of the $1.21 billion in total crypto liquidations that hit within a 24-hour window.
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Futures markets can accelerate moves in both directions. During the climb, leveraged positions added buying pressure.
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More context: XRP Jumps 24% in 24 Hours, Bitwise ETF Clears $55 Million in Volume
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The options market sent a split signal. Call options made up 58.41% of open interest — about 1.60 million ETH — which looks bullish on the surface.
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The busiest contracts clustered around a few key price levels: $3,200, $2,500, and $2,100. A notable $2,100 put expiring September 25 attracted attention, which says something…
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That defensive posture makes sense. The Relative Strength Index for ETH sat between 78 and 88 — deep into overbought territory by most readings.
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Overbought RSI readings don't mean a crash is coming. They just mean the market ran fast and needs time or a pullback to reset. Sometimes it grinds sideways.
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More context: SharpLink Stakes $91 Million in ETH, Becomes Second Largest Institutional Holder
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