PANews reported on August 12th that according to CryptoQuant analyst oinonen_t, open interest in Ethereum on Binance reached $10 billion, a 46% increase over the past 30 days. The price of ETH rose to $4,300, approaching its all-time high of $4,867 reached in 2021. Network performance upgrades have reduced L2 transaction costs by 90%, with 30% of the supply locked in stake. Institutional funds are pouring in, with spot ETF trading volume exceeding $117 billion, and whales are continuing to buy. If market sentiment continues to improve, this could trigger short-covering, driving ETH prices significantly higher.