Ethereum Surges 52% Against Bitcoin as Traders Eye $4K and Beyond

Ethereum has been gaining serious ground, climbing 52.63% from a recent low of 0.019 BTC to 0.029 BTC. The broader momentum has also driven ETH’s price up 22.5% since July 10, with the coin recently peaking at $3,484. It hasn’t stopped yet, as the price currently hovers around $3,770 (as of July 20). While Bitcoin has hit several new highs in 2025, Ethereum is still chasing its all-time peak of $4,878 set back in November 2021—requiring a further 25% climb to match that level.

Futures and Liquidations Signal Strong Market Activity

In the derivatives space, Ethereum has dominated recent liquidations, accounting for $251 million of the $583 million wiped from the market in the past 24 hours. This sharp activity coincides with a major surge in ETH futures open interest, which now stands at over $50.42 billion. A total of 14.75 million ETH is locked in futures across all exchanges, reflecting strong institutional and retail engagement.

Binance leads the futures market with $8.75 billion in open interest—roughly 2.56 million ETH—representing 17.36% of the total. CME follows with $6.04 billion (1.77 million ETH), or 11.98%. Open interest has shown consistent growth over the past year, mirroring Ethereum’s broader price recovery.

Ethereum Options Market Shows Bold Bets on New Highs

Options markets are also heating up. ETH options open interest has expanded to more than 3.52 million ETH, with a strong bias toward call options (65.2%) over puts (34.8%). This highlights increasing optimism among traders betting on Ethereum’s continued rise.

Deribit is currently leading ETH options activity, particularly around bold price targets. The top contracts by open interest are the $4,000 September 26 call (93,891 ETH), the $3,600 call (70,081 ETH), and the $6,000 December 26 call (59,832 ETH). The growing concentration of open interest at these out-of-the-money strikes—$4,000, $4,200, and $6,000—signals that many market participants expect a significant price breakout in the coming months.

With open interest rising and bullish bets stacking up, Ethereum appears primed for an ambitious second half of 2025. Whether or not it reclaims its all-time high, traders are clearly preparing for fireworks.

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