• Ethereum is trading at $4,515, down -4.29%, as BlackRock reportedly buys $500M in ETH amid retail selling.
• Institutional accumulation sparks optimism, with ETH just 5% away from the $5K mark and key support at $4,667.
• Derivatives volume jumps 19.11% to $231.99 billion, but open interest dips -1.64%, hinting at cautious sentiment.

Ethereum (ETH) is presently observing a slight pullback despite a substantial increase in sentiment for new institutional interest. At the time of writing, ETH is trading at $4,515 and is down -4.29% over the past 24 hours. The 24-hour trading volume stands at $99.33 billion, while market capitalization remains steady at $548.45 billion.

BlackRock Buys Ethereum While Retail Sells in Panic

Popular crypto commentator Ash Crypto shared on X (formerly Twitter) that BlackRock has reportedly purchased $500 million worth of ETH. He highlighted a stark contrast between institutional buyers and retail participants, noting that while retail investors are selling out of fear, major players are quietly accumulating Ethereum at current prices.

Ethereum on the Verge of a Major Breakout

Another crypto analyst, Ted, noted that ETH is presently only 5% short of the $5,000 level, with the next support level around $4,667. Even with the decline, Ted seems confident, preferring Ethereum to continue advancing on the charts instead of retesting the lower levels.

The question on everyone’s mind is whether ETH can capitalize on institutional buying momentum and cross the $5,000 threshold, possibly as early as today, or if short-term selling pressure will delay the next leg of the move.

Also Read | Could Ethereum Reach $15,000? What Market Trends Say About ETH’s Future

Ethereum Derivatives Show Mixed Market Signals

Ethereum derivatives recorded increased activity, with trading volume surging 19.11% to $231.99B. This surge suggests fresh market participation, likely driven by short-term gains and heightened price volatility.

In contrast, open interest fell by 1.64% to $65.34 billion, indicating some closure or reduction of positions. This suggests that, despite firmer trading activity, investors may have less conviction in holding longer-dated contracts.

The OI-weighted funding rate is stable at 0.0110%, reflecting fairly equal sentiment for both short and long positions. The stability demonstrates no significant inclination toward leverage-based momentum.

In general, funding rates and OI-weighted trends suggest a cautiously balanced market despite rising trading volumes. This may suggest investors are active but reluctant to place aggressive directional wagers.

Also Read | Ethereum Whale Bags $7.5 Million Profit as ETH Breaks Four-Year Price Barrier