Ethereum's open contracts have surpassed Bitcoin for the first time in two years, with BitMine's holdings exceeding 3 billion dollars in ETH!

In July 2025, Ethereum (ETH) made a historic breakthrough — its total open contracts surpassed Bitcoin for the first time in two years, reaching an astonishing $58 billion. This phenomenon not only signifies that institutional capital is accelerating its shift towards ETH but also reflects the unprecedented confidence in the Ethereum DeFi and smart contract ecosystem. Meanwhile, BitMine's ETH holdings exceeded the $3 billion mark, intensifying the competitive landscape between Ethereum and Bitcoin.

Ethereum holdings surged, institutional funds flow has clearly shifted

According to multiple sources, ETH open contracts have surged by 100% since June 2025, with market share rising to 40%, setting a new high since April 2023. In contrast, Bitcoin open contracts have decreased to $45 billion, a 15% annual decline. Experts believe that this round of capital rotation is led by institutional investors and whales, who are optimistic about Ethereum's technological advancements and network activity, actively shifting funds from BTC to ETH in search of higher growth potential.

Leverage rate surges, price volatility risk simultaneously amplifies

The open interest in ETH on CME has reached 7.85 billion USD, setting a historical high. Analysts warn that while the rapid rise in leverage drives prices higher, it also buries volatility risks in the market. Historically, whenever the open interest peaks, it often foreshadows that the market is about to experience severe fluctuations. Renowned trader Merlijn The Trader pointed out: "This is not an ordinary breakout, but a catalyst for 'vertical movement.'" Investors need to closely monitor leverage levels and liquidity to guard against price corrections caused by large-scale liquidations.

BitMine Strongly Accumulating, ETH Fund Management Competition Heating Up

Last week, BitMine Immersion Technologies, led by Tom Lee, once again purchased 208,137 ETH, pushing the total value of their holdings to over 3 billion USD, with a cumulative holding of 833,137 ETH, making them the fourth largest cryptocurrency asset management company in the world. Institutions such as SharpLink Gaming and Ether Machine are also accelerating their accumulation efforts, leading to increasingly fierce competition in the fund management sector. Kai-Fu Lee stated that BitMine increased its holdings from zero to 830,000 ETH within 35 days, demonstrating a "lightning-fast" capital operation speed, and expects a strong market rebound in August.

Market Outlook: Can ETH Continue to Lead?

Despite Ethereum's open interest reaching new highs, institutional demand and leveraged stacking have brought significant upward momentum to ETH, but this has also increased the risk of pullbacks. Experts suggest that investors should continuously track leverage levels, ETF flows, and large fund movements to seize short-term fluctuations and medium to long-term trends. If the macroeconomic environment warms up and the Federal Reserve shifts towards a looser policy, ETH is expected to reach new heights, driving the overall cryptocurrency market bull run.

Conclusion

Ethereum's open interest contracts have surpassed Bitcoin for the first time in two years, with institutional capital pouring in. Giants like BitMine have set record holdings, significantly enhancing ETH's market position. However, high leverage also means that potential risks cannot be overlooked. In the face of a new market landscape, investors must carefully strategize to seize opportunities in the next market cycle.