Some large investors in ETH Stock have begun to take profits and deploy hedging strategies

ETH Stock Stock perpetual contract market dynamics: open interest hits new high, funding rate soars, and big players turn to hedging strategies

1. Open interest and funding rate hit critical levels

BTC perpetual contract open interest (OI) reached $45 billion, and ETH Stock OI reached $28 billion, both close to one-year highs, indicating a significant increase in market leverage utilization612.

The funding rate exceeded 15% (about 130% annualized), indicating that the market long positions are crowded, shorts need to pay high fees to maintain positions, and the risk of short-term corrections has increased67.

2. Big player trends: profit-taking and hedging strategies

Some institutions have begun to close long positions, such as a certain ETH Stock 26SEP25 3.6k/4k/4.2k hawk call spread combination was closed in advance612.

At the same time, a large number of BTC 8AUG25 $110,000 put options were bought to hedge short-term downside risks712.

Market sentiment is divided: short-term traders tend to lock in profits, while long-term institutions are still buying on dips, such as the 80,000 BTC sell-off last Friday was quickly absorbed615.

3. Key pressure points and market expectations

ETH Stock faces the psychological barrier of $4,000. If it breaks through, it may accelerate to $4,200-4,500, but it is easy to trigger a pullback under high leverage15.

BTC is under pressure around $120,000, and the options market shows that traders expect profit-taking to occur here712.

4. Risk warning

High funding rate + high OI: If price volatility intensifies, it may trigger chain liquidations (such as when ETH Stock breaks through $4,000, Binance's short orders of about $960 million face forced liquidation)15.

Macro factors disturbance: Fed policy or geopolitical conflicts may amplify market volatility4.

5. Investor advice

Short-term: Be wary of pullback risks, and pay attention to option hedging or reduce leverage.

Long term: ETH Stock spot ETF continued inflows (net inflow of US$1.85 billion last week) and pledge locks (30% of the circulation is locked) still support the fundamentals of 15.

Source:ETC official stock platform  https://www.cnjiaxiao.com/category-ETC%20official%20stock%20platform.html

Source:Cryptocurrency financial products  https://www.cnjiaxiao.com/category-Cryptocurrency%20financial%20products.html

Source:Cryptocurrency Futures  https://www.cnjiaxiao.com/category-Cryptocurrency%20Futures.html