- Ethereum’s Hot Capital rose 54.4% in less than two weeks, indicating a sharp return on short-term investors.
- ETH is currently trading near the $1,800 level, with analysts seeing prices surge or falling to $1,600.
- On-chain and derivatives indicators are consistent with increasing speculative behavior in the market.
Ethereum’s short-term investor engagement is rising sharply. GlassNode reported that ETH’s “Hot Capital” had risen to $2.6 billion by April 17th to $4.34 billion by April 28th. Up to $10.8, Hot Capital’s highest growth rate since December 2024 increased by 54.4%.
$ETH Hot Capital had bottomed at $26 billion on April 17, then as of April 28, it had rebounded sharply to $43.4 billion.
– GlassNode (@GlassNode) April 29, 2025
Hot Capital’s increased share coincides with a small ETH price bouncing off. They were about $1,800 after falling to nearly $1,500 in the beginning of April. Analysts now consider $1,800 a significant level.
Arcane Research analyst Kiran Gadakh said that if “resistance” exceeds four hours, it could become a bull market for Ethereum and other Altcoins. Meanwhile, Nebraskangooner said that a value under $1,800 would likely send below support level ETH towards the dip in the $1,600 range with a higher volume.
Mixed signal across spot and derivatives markets
However, while the average price looks good, the spot exchange flow is still bearish. According to Coinglass data, there has been a leak since mid-March, as evidenced by the large red bars on the Netflow scale. This trend indicates that ETH is being transferred from the exchange. This is considered a bear signal and indicates low immediate purchase demand.
Source: Coinglass
On the derivative side, growth rates are steadily increasing. Ethereum futures volume has increased by 21.81%, now at $458.1 billion. Open interest increased to $211.8 billion, while options increased by 16.22%. The long/short ratio remains slightly bullish.
Source: Coinglass
Binance’s traders have the highest/short position ratio at 1.7825, while OKX’s traders have the highest. However, the settlement continues to support the short position as the 16,550 short positions clears 22,780 lengths in 24 hours. Overall, although there is an increase in derivative activity, Exchange Flow Data draws a picture of prudence.
Ethereum Foundation rebuilds governance
In addition to market changes, there have been changes in the leadership of the Ethereum Foundation. A co-executive director system was adopted to improve the operational management of the organization. Wei-Hao Wang and Tomasz K. Stańczak will act as executives responsible for daily activities and especially strategy implementation.
1/I’m pleased to share three updates from the EF Board and Management Team today.
– Ethereum Foundation (@ethereumfndn) April 28, 2025
They work with Bastian Ohe and Josh Stark, skilled in implementing and organizing structures. The executive team is not part of the board, but will continue to work towards achieving the board’s comprehensive goals.
The board consists of Vitalik Buterin, Aya Miyaguchi, Patrick Storchenegger and Wang. Butarin leads the technical aspects of the project, while Miyaguchi focuses on the outside world. Storchenegger operates under Swiss non-commercial law guidelines. Wang serves as a link between the newly created board and the administrative department from the company.
