Quick Breakdown:
- Ethereum volumes plunge $122B to $41B as futures open interest stays firm, raising risk for leveraged longs.
- Treasury silence and shrinking activity leave Ethereum exposed ahead of US inflation data and FOMC meeting.
- Stable open interest masks fragility as Ethereum trading volumes collapse, threatening costly liquidations.
Ethereum’s trading landscape is flashing warning signs as treasury holdings stagnate, trading volumes shrink, and leveraged long positions face rising risks. Market data shows futures open interest has remained firm, but underlying activity has thinned, raising questions about the sustainability of current price levels.
📊Today’s #Matrixport Daily Chart – September 10, 2025
Ethereum’s Quiet Treasuries, Shrinking Volumes, and the Risk to Leveraged Longs#Matrixport #Ethereum #ETH #Bitcoin #CryptoMarkets #MarketStrategy #MacroOutlook #TradingVolumes #LeveragedLongs pic.twitter.com/wUJtNvk8EJ
— Matrixport Official (@Matrixport_EN) September 10, 2025
Treasury Silence and Investor Reluctance
Companies holding Ethereum in their treasuries have gone largely silent, with net asset values now hovering close to parity with share prices. The lack of a premium indicates investors are unwilling to pay extra for exposure, a trend mirrored in Bitcoin treasury firms whose net asset values have also fallen sharply. The quiet period underscores investor caution as macroeconomic pressures mount, with US inflation data this week and the Federal Reserve’s upcoming policy meeting next week seen as potential catalysts for sentiment.
Volumes Collapse Against Stable Open Interest
Market figures show Ethereum trading volumes have plunged from a peak of $122 billion to just $41 billion. In contrast, futures open interest has held steady, hovering around $28.5 billion. The divergence explains why prices have yet to retreat sharply, but the drying up of spot and derivatives activity leaves leveraged long positions increasingly vulnerable. Elevated funding rates are adding to the pressure, making it more expensive for traders to maintain bullish bets.
Analysts warn that if volumes fail to recover, the imbalance could trigger liquidations, amplifying price swings. With open interest anchored at high levels while actual trading activity contracts, Ethereum’s stability may rest on the outcome of key macroeconomic events in the coming weeks.
The data points to a fragile balance: Ethereum’s market resilience hinges on external catalysts, while structural weakness in trading volumes leaves leveraged players exposed to sudden reversals.
Institutional investors are also increasingly influencing crypto markets. According to Matrixport, Bitcoin’s price movements are now closely tracking BlackRock’s IBIT ETF, highlighting Wall Street’s growing footprint in digital assets, even as Bitcoin maintains a 60% market dominance.
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