Ethereum loses $6.4 billion in leverage

In 2025, Ethereum is experiencing a striking paradox: while the market suffers a historic collapse of $6.4 billion in speculative positions, crypto whales are taking advantage of this to accumulate record quantities of ETH. What does this dynamic hide?

Ethereum: a loss of $6.4 billion in leverage

Since August 2025, the Ethereum ecosystem has been going through an unprecedented phase of deleveraging. Open Interest, a key indicator of speculative activity, collapsed 51% on Binance, from $12.6 billion to $6.2 billion. Platforms like Gate.io and Bybit followed the same trend, with massive liquidations of overleveraged positions. Result: the price of ETH fell by 43%, sliding from 4830 to 2800 dollars in a few months.

However, in this context of generalized decline, an opposite phenomenon is emerging. Whales, these large crypto holders, are accumulating ETH at a breakneck pace. In November alone, 394,682 ETH, or $1.37 billion, were purchased by these players between $3,247 and $3,515. This paradox raises the question: why such accumulation when the market seems to be in crisis?

Why are ETH whales buying despite the fall?

Ethereum's $6.4 billion drop in leverage is not a sign of weakness, but a necessary market reset. Historically, crypto cycles show that market funds, or “bottom”are formed only after a complete cleansing of excessive speculative positions. This deleveraging eliminates excesses, creating a more stable environment that is less vulnerable to sudden crashes.

The whales, often institutional players or experienced investors, see this purge as an opportunity… A calculated strategy. Additionally, upcoming updates, like Fusaka, promise to improve scalability and reduce fees, thereby strengthening the network's fundamentals. Additionally, increasing regulatory clarity, such as the SEC's confirmation that ETH is not a security, reassures investors.

Ethereum: a giant in transition, but still essential

This situation of deleveraging and accumulation by whales could maintain downward pressure on the price of ETH in the short term, particularly if the support of $2700 does not hold. For December 2025, analysts anticipate stabilization around $2800–3200, with potential for a rebound if network updates and institutional adoption materialize.

However, the outlook for 2026 is a little brighter and will depend on several factors, including:

• Support held at $2700–3000;
• The impact of network improvements;
• The evolution of institutional flows.

If these elements align, Ethereum could begin a new phase of growth, potentially towards $4000–5000.

Does this $6.4 billion drop in leverage mark the end of a cycle or the start of a new era for Ethereum? Crypto whales, by accumulating massively, seem to be betting on the second option. Just like bitcoin, this week is crucial to close out 2025.