Search queries about what is happening with Ethereum have noticeably increased in Russia, and a sharp rise in interest in ETH futures has been recorded on the Moscow Exchange's derivatives market. Market participants explain this in various ways: some talk about a return of attention to major crypto assets after Bitcoin, while others link the interest to ETFs, staking, and the infrastructural role of the network, and some experts doubt that demand has truly become widespread.
Six market participants explain why investors are looking at Ethereum again, what ideas are currently driving demand, and what risks are particularly important for those buying this cryptocurrency for the first time.
Ethereum is not just the cryptocurrency ETH, but also a network for smart contracts, DeFi, stablecoins, and decentralized applications. Therefore, investors view it not merely as a coin for buying and selling, but as an infrastructural asset.
Ethereum differs from Bitcoin in its role: Bitcoin is often perceived as "digital gold," while Ethereum is seen as a base for applications and financial services. Ethereum competes with Solana, Tron, and other networks for users, developers, and projects, so its price is influenced not only by the overall sentiment of the crypto market but also by demand for applications within the ecosystem.
Yevgeny Popov, editor-in-chief of Invest Future, draws attention to the data from the Moscow Exchange. According to him, open interest in the June futures for the Ethereum index increased from 86,000 to 368,000 contracts from mid-May to early June. At the same time, trading volumes and the number of transactions have noticeably increased.
However, Yevgeny Popov emphasizes that the exchange statistics alone do not indicate which direction market participants are betting. The dynamics of the derivatives market resemble an attempt to profit from the recovery after the downturn. Since the beginning of the year, Ethereum has declined more sharply than Bitcoin, and in early June, the price dropped to around $1,500. For some investors, this appeared to be an opportunity to buy a major infrastructural asset at lower levels than before.
Comparison of ETH and BTC Dynamics Since the Beginning of the Year.
Anatoly Shpakov, a trader and blogger, believes that the increase in inquiries may signal a search for a new idea following Bitcoin. Once the main market asset has attracted significant attention, investors begin to look for the next big option. Ethereum has several clear drivers for this:
For Ethereum, the key question is whether the network will remain a sought-after infrastructure for DeFi, stablecoins, and applications.
A similar set of factors is noted by Yaroslav Kabakov, the strategy director at Finam. He highlights expectations of institutional money inflows through ETFs, the potential for staking income, and the significance of Ethereum for tokenization and decentralized applications.
Roman Nosov, director of high-net-worth client services at BCS World of Investments, divides potential buyers into several groups. Some are looking for alternatives to Russian instruments and view the crypto market as a "safe haven." Others are willing to experiment with high-risk assets. The third group adds ETH to an already diversified portfolio.
According to Roman Nosov, the purchase of ETFs may be accessible to the first group through foreign jurisdictions or in the "gray zone" within Russia. However, this path carries specific risks: an investor may lose connection with the necessary jurisdiction or face blocking due to their status as a Russian resident.
Most often, ETH is purchased through cryptocurrency exchanges, P2P transactions, or brokers if they have access to such instruments. For some investors, ETFs on Ethereum become a separate option, but much depends on the jurisdiction, platform, and client status.
For residents of Russia, the main question is not only the entry price but also access to infrastructure. Purchasing through foreign jurisdictions or gray schemes can lead to blocking, loss of access to accounts, or problems due to the status of being a Russian resident. Therefore, it is important to understand in advance which platform the transaction is going through, who holds the asset, and what restrictions may come into play later.
Fedor Ivanov, director of analytics at the AML/KYT operator Shard, largely agrees with Evgeny Popov. He believes that interest in Ethereum may have increased due to expectations of ecosystem growth and price recovery. Unlike Bitcoin, Ethereum has held around $2,000-2,500 for several years and is now trading below these levels. This creates a calculation for a rebound among some investors.
Evgeny Popov and Fedor Ivanov converge on a key thought: for many buyers, the main motive now is not a new technological story but the desire to recover from the price drop. Cryptocurrency remains volatile, but sharp declines often attract those looking for an entry point.
In the near-term price dynamics, experts highlight several factors: recovery after a significant drop, news about ETFs and staking, demand for DeFi and decentralized applications, competition with Solana and Tron, as well as uncertainty surrounding the network's further development. Positive news can support rebound expectations, while asset weakness, developer disputes, or problems in DeFi can again increase pressure on the price.
Konstantin "CryptoDed" Koshelev, a blogger, is more skeptical. He does not see a noticeable increase in interest in Ethereum and believes that part of the audience has become more cautious. According to him, investors are alarmed by the asset's weakness, uncertainty from the Ethereum Foundation, and actions by Vitalik Buterin, which the market perceives painfully.
ETF and staking are viewed differently by Konstantin Koshelev. He does not consider ETFs a reliable growth "multiplier" and refers to staking as merely a potential driver. According to him, there is still no clarity in the U.S. regarding whether staking will be permitted at the state and banking levels. Among the positive factors, he highlights only the possible mention of ETH in the new cryptocurrency bill.
Experts are generally aligned in their risk assessments. Anatoly Shpakov warns that increased interest in searching does not indicate a successful entry point. Several factors point to this:
Increased interest in searching does not indicate a successful entry point: mass demand often appears only after a significant price movement.
Anatoly Shpakov advises buying assets in parts and understanding the investment horizon in advance. This approach is especially important for those who have not previously encountered sharp movements in the crypto market.
Considering the purchase of ETH now, the advantages are clear: the asset has significantly declined compared to previous levels, and there are stories around it involving ETFs, staking, DeFi, and the network's infrastructural role. The downsides are also substantial: high volatility, competition from other networks, regulatory uncertainty, and risks associated with access to foreign instruments for residents of Russia. A more cautious approach would be to buy in parts, diversify the portfolio, or wait for a clearer correction instead of entering the full amount at once.
Yaroslav Kabakov and Fyodor Ivanov also consider volatility the main risk. Evgeny Popov emphasizes not only the price but also the development of the network. Bitcoin has already established itself as "digital gold," while Ethereum still needs to prove that its infrastructure will be in demand in a world where much attention is shifting towards AI. Additional uncertainty is created by disputes among developers about the future direction of the network.
Konstantin Koshelev specifically points out the risk of hacks on DeFi protocols using new AI tools. In such an environment, even one vulnerable computer program can lead to losses if an important transaction passes through it. For users who operate online and interact with protocols independently, this remains one of the practical risks.
The main divergence among experts is in the assessment of demand itself. Evgeny Popov and Fyodor Ivanov believe that interest has indeed increased: this is evident from exchange data and investors' desire to buy the asset after a significant drop. Konstantin Koshelev, on the contrary, does not observe any noticeable revival.
In explaining the possible growth, opinions are closer. Most experts cite the same factors: ETFs, staking, and Ethereum's role as infrastructure for applications, tokenization, and decentralized services. However, no one highlights a single reason that could fully explain the surge in attention.
Consensus on risks is even more pronounced. The key threats appear as follows:
This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.





























