Ether Breaks $1.9K as Record Staking Cuts Sell Pressure — SkimNews
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- Ether tested the $1,950 mark on Tuesday for the first time in seven weeks, triggering $62 million in liquidations of bearish leveraged positions and delivering 29% gains from the $1,500 low on June 26.
- Bitcoin's push above $66,500 and a broader risk-on mood across US equities fueled the rally, with traders pricing in solid corporate earnings following 3M Company's Tuesday report.
- Alphabet's Wednesday earnings release is the immediate external catalyst, with investors looking for 64% growth in cloud services revenue that could lift the crypto market past $2 trillion in total capitalization.
- Ethereum's onchain metrics remain stagnant — weekly DApp revenue fell to its lowest since September 2024 at $9.8 million, DEX volumes dropped to $7.2 billion, and top projects including Ethena, Mantle and Arbitrum each lost more than 50% year-to-date.
- ETH perpetual futures annualized funding rates have struggled to stay inside the neutral 6%-12% range over the past month, though sentiment has improved from the negative rates seen in late June.
- Ethereum staking hit a record 34% of total ETH supply, up from 33% one month earlier, with Tom Lee's Bitmine Immersion alone adding 156,719 ETH over the past month to control 4.8% of available supply.
Why it matters: ETH still trades 61% below its August 2025 all-time high, and the onchain activity that would confirm a durable breakout remains missing despite the 29% rally. Whether Alphabet's cloud-revenue print on Wednesday restores risk appetite will determine if bulls clear the $2,100 technical target or thin DEX volumes drag ETH back into its six-month slide.
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