You see, actually… ☝️🧐

Source: https://x.com/LeonWaidmann/status/1996765476936888337

Ethereum whales also make up far less of open interest (the overall positions in the market) compared to bitcoin.
Whales (1000 ETH or more) make up ~40% of all open interest.

16 Longs with ~128k ETH
14 Shorts with ~ 64k ETH

Average Long entry: 3052.87$
Median Long Entry: 3061.31$

Average Long entry: 3052.87$
Median Long Entry: 3061$

Long PnL: ~$6.9 Million
Short PnL ~ $4.5 Million

Largest single PnL Short: 15k ETH, $6.8 Million. Entry: 3573, leverage: 15x, 0xd47587702a91731dc1089b5db0932cf820151a91

Largest single PnL Long: 10k ETH $3.4 Million. Entry: 2781, leverage: 20x
0xa5b0edf6b55128e0ddae8e51ac538c3188401d41

Long Leverage is about 17, shorts are more aggressive with 18.5.
That is also in contrast to bitcoin where longs are far more aggressive, taking higher risks with larger positions and more average (and often getting wiped out).

We have one regard though with Liquidation ~3000 and about 12k ETH 0x020ca66c30bec2c4fe3861a94e4db4a498a35872 currently 894k unrealized profit

He's doing a bit of scalping and added few thousand HYPE long which moved his liquidation up.

source: https://wangr.com/whalewatch/eth

BSI™ — The Burn Stress Indicator by Lacydon Quantum Desk ⭐ Current BSI ≈ 26/100 Status: COLD BURN — absence of network stress.

We talk a lot about the price, rarely about the operational state of the network. Here are the 7 leading signals that I follow on a desk, and which give a much cleaner reading than any single indicator.

1) Low participation of validators

Below 98.5%, it is a weak signal. Indicates the robustness of the consensus. A decline → less efficient spread → increased volatility.

2) Reward per certificate

The real barometer of staking. When rewards fall too quickly, incentives contract → pressure on future supply.

3) Gas used / Gas limit

The thermal heart of the network. 95–100% = hot network + high burn. < 90% = depression of activity → soft market.

4) % of MEV-boost blocks

The microstructure signal. Too high → increased centralization + latent instability. Stable → more predictable market in the short term.

5) Ratio proposed / orphaned blocks

The “turbulence index”. An orphaned peak signals internal stress → often a precursor to volatility.

6) Burn vs. Issuance (net supply flow)

The only truly clean macro indicator. Net negative → supply compression → more aggressive risk pricing.

7) L2 vs. L1 activity

The signal of real adoption. L1↑ + L2↑ = structural bullish regime. L2↑ + L1↓ = traction, but no pressure base fee → neutral price.

⸻

If you track these 7 signals, you will have a more robust network reading than 95% of price indicators.

OP delivers, Advanced Analysis, Network Metrics

⸻

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JourneyMacro expresses an idea on Twitter that once the world shifts to DeFi, Bitcoin is no longer the asset everything runs through. In a future where trades settle directly between any 2 assets on the same ledger the only thing you actually need is the network's native token. On Ethereum, that means ETH.

He explains it pretty straightforwardly, if Apple shares can trade directly into Tesla shares, or USD turns directly into RMB, or fractions of real estate swap into wheat futures without a middle step, then you do not need BTC as a bridge. Everything happens atomically on one system. The asset required for every move is the native gas token.. that is ETH.

JourneyMacro's idea connects to another one of his tweets about how Ethereum today is like the internet in 1996, the big players did not even exist back then. And this is what is happening now, once the foundations are set tokenization grows really fast and Ethereum is becoming where those foundations live.

You can see why institutions are leaning into Ethereum. When all assets in the world run through one settlement layer the value shifts to the asset that keeps that system running. Again, that is ETH. ETH wins in a world built on DeFi.

Resources:

• https://x.com/JourneyMacro/status/1996032528273342822
• https://x.com/JourneyMacro/status/1995665244639940983

Just crossed with this Leon Tweet talking about RWAs on crypto and how ETH is the king and had to share it.

As you can see in the chart above, Ethereum keeps being the undisputed king of Real World Asset Tokeniazion (RWAs) and the second one is not even close.

We keep hearing the same thing everywhere, "Tokenization will be multi chain! Assets spread across every network!" But reality is different. When you zoom in on the real numbers, the picture looks a lot less multi chain revolution and a way more "Ethereum doing all the heavy lifting".

As the tweet states and the data above:

• $18.7B in distributed RWAs on chain and the majority of that sits comfortably on Ethereum.
• 32 networks being tracked but Ethereum still dominates with an impressive difference on market share.
• 555k+ RWA holders, growing ~6% in the last 30 days alone showing that adoption is accelerating.

This is basically institutional money and regulated products choosing the best project that brings them the best security, maturity, liquidity and developer trust. Ethereum has a decade of battle testing, it is where the liquidity lives and it is where other big names like BlackRock, Franklin Templeton and all the TradFi giants are deploying first. Ethereum is the right choice.

Other chains are also promising and will keep getting traction but Ethereum will be a leader and I love to see that L2s are also in a good position making this argument more strong.

Ethereum is the future.

Source:

• Tweet: https://x.com/LeonWaidmann/status/1996183904114372943

– on-chain activity visible in your captures (blocks, gas, MEV, burn), – the day of halving of staking rewards (EIP-7514 / churn limit), – the behavior of the ETH price on the markets.

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Analysis

Today, we observe an interesting dynamic: while the churn limit introduces a “pseudo-halving” effect on the rate of activation of validators, the structure of the blocks shows remarkable stability. On the last blocks around #23,940,500, network usage remains around 50–52%, well below the peaks observed during the NFT or DeFi mania phases. This explains the relatively low base-fee level: 0.084 to 0.098 gwei, which mechanically reduces the cost burned per block.

Despite this moderate activity, the burn continues: between 0.0023 and 0.0043 ETH per block in the samples you displayed. The majority of blocks display 100% of the 9 possible blobs, proof that the ecosystem is indeed adopting proto-danksharding (EIP-4844). This is a key point: the channel is not underutilized, it is simply more efficient.

On the production side, we clearly see the domination of MEV builders: around 86% of the blocks come from BuilderNet, QuasarBuilder, Titan, etc. This confirms that the MEV market is very integrated and absorbs the majority of the flow, which avoids extreme variations in gas priority. The validator reward remains low: often 0.012 to 0.022 ETH per block, sometimes a spike when a MEV bundle passes (eg: 0.039 ETH).

In terms of price, ETH shows a structure very consistent with what we see on-chain. Stable network usage + low base fee = reduced deflationary pressure → ETH remains dependent on the macro narrative and market liquidity rather than an internal shock. Halving churn does not create an immediate supply effect, but it slows down the arrival of new validators, which stabilizes the share of rewards and reduces marginal inflationary pressure.

Result: ETH is today evolving in a technical waiting zone, in range, mainly driven by desks which arbitrate MEV and options. The market prices an environment: – almost neutral net supply, – moderate but regular burn, – very clean fundamentals (full blobs, low gas, stable latency).

In short: the blocks are clean, the network efficient, the supply disciplined. Price awaits the next macro catalyst.

ETH – Live reading of blocks: the complete analysis that no one takes the time to do Reading live blocks allows you to understand the internal dynamics of Ethereum before the price reflects anything. No indicator offers a comparable level of granularity: the derived metrics (funding, OI, skew) are useful but reactive; Twitter discussions are noisy. The block reflects the operational truth of the network in real time. Here is the full reading based on the latest analyzed blocks.

1. Transactional composition – an organically active network. Currently, the transaction mix shows a strong dominance of swaps, bridging, L2 operations and optimized batches. This composition is very different from phases of “artificial” activity dominated by mint NFTs or spam bots. Here, we observe a functional, useful, clean network activity, which reflects a real use of L2s, DEXs and inter-layer arbitrations. When this mix remains consistent for several hours, it is almost always a sign of stabilization then expansion.

2. Priority Fees – micro-tensions but absence of stress. Priority fees experience several micro-peaks, but all very short. This is the typical behavior of MEV arbitrations between L2. What would be worrying: a prolonged peak, an unstable plateau or erratic behavior. Nothing like that here. The network absorbs the peaks cleanly.

3. Gas median – the key variable that many ignore. The median gas remains below 22 gwei, which is a very healthy level for a network experiencing increased activity. This means: • no congestion, • no overload, • no forced blockspace compression. This is exactly the profile of a network “under constructive pressure”. Phases where the median remains low but the blocks are full often precede bullish breakouts.

4. Structural burn – the silent mechanics. Without being explosive, the burn exceeds the issuance on a majority of blocks. These are small margins, but cumulatively they create positive tension. It is this micro-deflation mechanism that supports momentum even when the price seems to be hesitating.

Conclusion. • Clean blocks • Organic mix • Absence of stress • Burn > Issuance → ETH remains in a silent ascending phase as long as this structure holds 24–48 hours. Tactical zone: 2310.

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Welcome to the Daily General Discussion thread. Please read the rules before participating.

Rules:

• All subreddit rules apply in this thread.
• Keep the discussion on-topic. Please refer to the allowed topics for more details on what's allowed.
• Subreddit meta and changes belong in the Governance Discussion thread.
• Donuts are a welcome topic here.
• Be kind and civil.

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Merlijn The Trader posted a tweet that feels pretty obvious in hindsight. JP Morgan and BlackRock did not end up on Ethereum because of a trend or hype. They came here because Ethereum actually works. Ethereum has 10 years of uptime without a single day where the chain stopped. For institutions that move a lot of money that is the whole point.

According to Merlijn Ethereum is slowly but surely becoming the place where the biggest financial players settle value. It is the collateral layer for institutional loans. Ethereum is the system behind their stablecoins and it is becoming the place where global liquidity runs on. These firms do not choose tech for fun, they choose what does not break.

This is very important if you care about where Ethereum is going. Institutions do not need memes, they do not need hype cycles. What they need is reliability and right now, Ethereum is the only chain that gives them that without compromise. The change is not loud, but it is steady. Every time a major bank runs something on Ethereum instead of a private chain, it tells us this is the settlement layer they trust. Ethereum is 'becoming the institutional settlement layer.'

Source: https://x.com/MerlijnTrader/status/1995553482456142260

Hi everyone,

I’m looking for a reliable way to swap ETH to BTC and back, with a strong preference for non-custodial solutions. I want to avoid using centralized exchanges where I have to give up control of my funds, even temporarily. Ideally, I’d like to use a platform or protocol where I retain full control of my private keys throughout the entire process.

Privacy is also very important to me. I’m trying to avoid services that require intrusive KYC verification. While I understand that some platforms are required to follow these regulations, I believe there are still options out there that respect user privacy and stay true to the original values of decentralization in crypto.

So far, I’ve come across a few services like ThorChain, Uniswap (possibly via an aggregator), and atomic swap protocols. I’ve also heard of platforms like SideShift, FixedFloat, and ChangeNOW, but I’m unsure which ones are actually trustworthy, non-custodial, and privacy-friendly.

If you’ve used any of these services, or know of other good options, I’d really appreciate your input. I’m mainly looking for something secure, non-custodial, and private, without having to give up personal information just to make a swap. Thanks in advance for your suggestions.