Why $18B in Ethereum treasuries isn’t enough to calm leverage fears

ambcryptoPublicado em 2025-09-22Última atualização em 2025-09-23

Key Takeaways

Are Ethereum treasury companies buying ETH?

Yes, ETH treasury holdings by companies have surged to nearly $18 billion.

Could Ethereum face more volatility due to rising leverage?

Yes, ETH’s Estimated Leverage Ratio has spiked, raising the risk of another liquidation-driven price swing if market pressure increases.

Ethereum [ETH] is back in the spotlight, and this time, not just because of its price.

Companies with ETH treasuries are accumulating at record levels, even as the token holds steady near $4.1K. But here’s the catch: leverage in the market is spiking.

So will it be up or down for the top altcoin?

Treasury firms stack up ETH

Ethereum treasury companies are buying Ethereum at record speed, with Aggregate ETH holdings now valued close to $18 billion, according to Blockworks Research.

ethereumethereum

Source: Blockworks Research

The chart showed a sharp climb since mid-July, tracking alongside ETH’s rally toward $4,800 before cooling near $4,100. Corporate confidence stayed firm despite market leverage and volatility.

Leverage builds as ETH holds steady

While treasuries are accumulating ETH, Derivatives data looked a bit more fragile.

Estimated Leverage Ratio rose from 0.50 to nearly 0.54 in just three days, one of the highest readings this month.

Yet, ETH’s price consolidated near $4.1K, so traders are piling into leveraged bets rather than Spot accumulation.

ethereumethereum

Source: CryptoQuant

Historically, ELR spikes near these levels have come before high volatility, either a breakout driven by sustained buying or a liquidation-driven slide below $4K.

With leverage stretched, the market’s next catalyst could decide whether ETH surges or corrects.

Room for more shakeouts?

Following the leverage spike, the market has already shown cracks.

Recently, nearly $3 billion was wiped out in liquidations, with ETH alone accounting for about $900 million (its largest single-day flush since 2021).

Smaller altcoins, particularly those ranked between the top 10 and top 700 by market cap, carried the bulk of forced sell-offs, so highly leveraged positions remain fragile.

ethereumethereum

Source: Alphractal

Even so, ETH has not faced a full deleveraging. Market conditions may still leave room for another wave of liquidations if downward pressure builds.

Next: Looming $12B Hyperliquid unlock sparks debate: ‘Has the market priced in…?’
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