Table of Contents:
Record-Breaking Ethereum Short Positions: Crash or Short Squeeze?
According to BTC-ECHO, leveraged short positions on Ethereum have reached a new all-time high at the Chicago Mercantile Exchange (CME). The CFTC Commitment of Traders (CoT) Reports indicate that the net positioning (long minus short) of leveraged investors on ETH at the CME now stands at -18,438, marking the largest leveraged short position in Ethereum's history.
Such an extreme positioning signals a highly negative investor sentiment at first glance. However, it could also set the stage for a potential short squeeze, which might trigger a price explosion. Notably, after crypto influencer “zerohedge” pointed out a record level of institutional ETH shorts on July 13, Ethereum’s price surged by more than 80%. Despite this, the long-term correlation between short positioning and price movement remains unclear, as the value has been mostly negative since 2023, with bearish bets increasing significantly last year.
The Best Mining Providers at a Glance
» Infinity HashFrom our perspective, currently the best mining provider on the market. With the community concept, you participate in a mining pool completely managed by professionals. A portion of the earnings are used for expansion and maintenance. We've never seen this solved as cleanly anywhere else.
» Hashing24A well-known and established cloud hosting company. With a good entry point and in a good market phase, a good ROI can also be generated with some patience. Unfortunately, we see the durations as a major drawback.
It is also uncertain how many of these shorts are part of delta-neutral strategies, where hedge funds hold both bearish positions and spot ETFs, aiming for arbitrage returns rather than directional bets. The data only reflects CME futures positions, primarily representing US institutional traders, and not the entire market.
These record shorts come at a time when Ethereum is in a clear uptrend, driven by institutional demand through massive inflows into spot ETFs and treasury companies like BitMine. Recently, Ethereum’s dynamic price movement brought it close to a new all-time high, with Ether trading at $4,250 at the time of reporting.
| Net Position (CME) | ETH Price |
|---|---|
| -18,438 | $4,250 |
- Largest leveraged short position in Ethereum history at CME
- Potential for short squeeze or further decline remains uncertain
- Institutional demand continues to drive uptrend
Summary: Ethereum faces record short positions at CME, but the market direction remains ambiguous. Institutional demand and previous short squeezes suggest both risk and opportunity for investors. (Source: BTC-ECHO)
Crypto Whale Exits Ethereum, Bets on Chainlink
Wallstreet Online reports that a well-known crypto whale, recognized for successful past investments, has recently sold over $22 million worth of Ethereum. The whale exchanged 4,806 ETH tokens for 938,500 Chainlink tokens, according to on-chain data. This move comes after Ethereum’s price rallied from below $2,000 to over $4,500, followed by a notable pullback, likely due to profit-taking and waning euphoria.
The whale’s history includes timely exits from LUNA before its collapse, selling Shiba Inu at its 2021 peaks, and profiting over $4 million from Ethereum during the USDC depegging. The current switch from Ethereum to Chainlink may signal a belief that Ethereum’s upside is exhausted, while Chainlink could be poised for growth.
Crypto expert Samson Mow expects further significant Ethereum sales, suggesting that most ETH holders rotate Bitcoin into ETH to drive new narratives, only to sell once a certain price level is reached. Mow claims, “No one wants ETH in the long run.” Meanwhile, Bitcoin remains relatively stable, and the new Bitcoin Hyper project is attracting attention, having raised $10.5 million in its presale.
- Whale sold 4,806 ETH (~$22 million) for 938,500 Chainlink tokens
- Past whale actions have often preceded major market moves
- Samson Mow predicts more ETH selling; Bitcoin Hyper project gains traction
Summary: A prominent crypto whale has shifted from Ethereum to Chainlink, possibly indicating a change in market sentiment. Further ETH sales are anticipated by some experts. (Source: Wallstreet Online)
Ethereum Whales Selling in August: Not Necessarily Bearish
BeInCrypto highlights a significant shift in Ethereum ownership distribution. The number of addresses holding over 100,000 ETH—so-called “Ethereum whales”—has dropped from over 200 in 2020 to about 70 in 2025, the lowest in nearly a decade. Despite this, the number of “shark” wallets (holding 10,000–100,000 ETH) has increased from around 900 to over 1,000 in August, reflecting growing influence in the mid-market segment.
Strategic reserves held by companies and ETFs now total 10.2 million ETH, valued at $39.48 billion. This trend has accelerated since July, with institutional investors accumulating more ETH while retail wallets decline. Analyst IT Tech notes that retail wallets have fallen to 8.5 million ETH (multi-year lows), while large holders have reached 19.1 million ETH (an all-time high).
“But before you say ‘that’s bearish,’ remember: The same is happening with Bitcoin. On-chain historical data shows that true long-term holders often own fewer coins, while the real price drivers are the mid-sized players—the ‘sharks’.” — Joao Wedson, Alphractal
| Whale Wallets (>100,000 ETH) | Shark Wallets (10,000–100,000 ETH) | Institutional Holdings |
|---|---|---|
| ~70 (2025) | >1,000 (Aug 2025) | 10.2 million ETH ($39.48B) |
- Decline in whale wallets offset by rise in shark wallets
- Institutional accumulation at record levels
- Retail investors’ share at multi-year lows
Summary: The reduction in large whale wallets is not seen as bearish, as mid-sized investors and institutions are increasingly driving ETH demand. (Source: BeInCrypto)
Ethereum Shakeout Below $4,000? ETH Price Loses Momentum
Bitcoin2Go reports that Ethereum has lost momentum after nearly reaching its all-time high. The price dropped from $4,776 to $4,280, a 5.7% decline within 24 hours. Derivatives data suggest a possible shakeout, with retail activity and high open interest on Binance indicating potential risks, even as funding rates remain neutral.
The spot market remains relatively stable, with analyst Woominkyu noting that the funding rate for perpetual futures is near zero, unlike previous bull phases where rates spiked to 0.05–0.10. This suggests the rally is more spot-driven, reducing the risk of forced liquidations unless funding rates rise above 0.05.
Meanwhile, BitMine has emerged as a major player, amassing 1.52 million ETH worth $6.6 billion, making it the world’s second-largest crypto treasury. BitMine’s founder, Tom Lee, views Ethereum as a major macro investment for the next 10–15 years, aiming to acquire up to 5% of the total ETH supply. Between late July and mid-August, BitMine’s holdings surged from $2 billion to $6.6 billion.
| ETH Price High | Current ETH Price | BitMine ETH Holdings | BitMine ETH Value |
|---|---|---|---|
| $4,776 | $4,280 | 1.52 million ETH | $6.6 billion |
- ETH price fell 5.7% in 24 hours
- BitMine now holds 1.52 million ETH ($6.6B)
- Spot market stability contrasts with derivative market risks
Summary: Ethereum faces short-term volatility, but institutional accumulation by companies like BitMine underpins long-term confidence. (Source: Bitcoin2Go)
The 5 Largest Ethereum Treasury Companies in 2025
BTC-ECHO details the top five public companies holding significant Ethereum reserves. Collectively, public companies now hold over 3.7 million ETH (nearly $17 billion), more than 3% of the total Ether supply.
- BitMine Immersion Technologies (BMNR): The leader with about 1.15 million ETH (over $5 billion). Led by Tom Lee, BitMine has raised capital aggressively, most recently increasing funding by $20 billion to buy more Ether. The company aims to acquire 5% of the total Ether supply.
- SharpLink Gaming (SBET): Holds approximately 728,800 ETH (over $3 billion), about 73% of its 1 million ETH target. Ethereum co-founder Joseph Lubin serves as chairman. The company recently raised several hundred million dollars and plans further stock sales up to $6 billion.
- The Ether Machine: Formed in 2025 via a merger, it holds about 345,000 ETH (nearly $1.5 billion). Co-founder Andrew Keys contributed 170,000 ETH. The company actively uses its reserve for on-chain staking and DeFi to grow its holdings.
- Coinbase (COIN): The largest US crypto exchange holds 136,782 ETH (about $600 million) as part of its corporate investments, alongside over 11,000 BTC. Coinbase’s stock hit new all-time highs in summer 2025.
- Bit Digital (BTBT): Shifted from Bitcoin mining to Ethereum in Q2 2025, growing its ETH reserve from 30,600 to 121,000 ETH (over $500 million). The company now offers investors exposure to Ethereum’s success, including staking yields.
| Company | ETH Holdings | Value (USD) |
|---|---|---|
| BitMine Immersion | 1,150,000 | $5B+ |
| SharpLink Gaming | 728,800 | $3B+ |
| The Ether Machine | 345,000 | $1.5B |
| Coinbase | 136,782 | $600M |
| Bit Digital | 121,000 | $500M+ |
Summary: Public companies are increasingly holding large ETH reserves, with BitMine and SharpLink Gaming leading the way. This trend reflects growing institutional confidence in Ethereum’s long-term value. (Source: BTC-ECHO)
Sources:
- Größte Ethereum-Short-Position der Geschichte: ETH vor Crash oder Short-Squeeze?
- Krypto-Wal steigt bei Ethereum aus und setzt ab jetzt auf diese Kryptowährung
- Ethereum-Wale verkaufen im August: Deshalb ist das nicht bärisch
- Ethereum Shakeout unter 4k? ETH-Kurs verliert an Momentum
- Das sind die 5 größten Ethereum-Treasury-Unternehmen 2025
- So hätte sich ein Ethereum-Investment von vor 3 Jahren ausgezahlt
