Search queries about what is happening with Ethereum have noticeably increased in Russia, and the Moscow Exchange derivatives market has recorded a sharp rise in interest in ETH futures. Market participants explain this in different ways: some talk about renewed attention to major crypto assets after Bitcoin, others link the interest to ETFs, staking, and the network’s infrastructure role, while some experts doubt that demand has truly become widespread.
Six market participants explain why investors are looking at Ethereum again, what ideas are driving demand now, and what risks are especially important for those buying this cryptocurrency for the first time.
Expert Positions in Brief
- Evgeny Popov: interest in ETH futures has noticeably increased; the main argument is Moscow Exchange data and an attempt to play the recovery after a dip; it is important to remember that open interest does not show the direction of bets.
- Anatoly Shpakov: investors are looking for a new idea after Bitcoin; demand is supported by ETFs, staking, and Ethereum’s role in DeFi, stablecoins, and applications; beginners are better off buying in parts and understanding their time horizon in advance.
- Yaroslav Kabakov: demand may come through institutional money, staking, tokenization, and decentralized applications; the key risk is high volatility.
- Roman Nosov: ETH is interesting to different groups of buyers—from those seeking an alternative to Russian instruments to investors with diversified portfolios; a separate risk is buying ETFs from Russia through foreign or gray schemes.
- Fedor Ivanov: some investors are betting on a rebound after a price drop; the main risk remains sharp market movements.
- Konstantin Koshelev: there may not be a real surge in demand; he is wary of the asset’s weakness, uncertainty around the Ethereum Foundation, and risks to DeFi protocols.
What Is Ethereum and How Does It Differ From Other Cryptocurrencies
Ethereum is not only the ETH cryptocurrency, but also a network for smart contracts, DeFi, stablecoins, and decentralized applications. Therefore, investors look at it not just as a coin to buy and sell, but as an infrastructure asset.
Ethereum differs from Bitcoin in its role: Bitcoin is more 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 general mood of the crypto market, but also by demand for applications within the ecosystem.
Open Interest in ETH Futures Has Increased More Than Fourfold
Evgeny Popov, editor-in-chief of Invest Future, draws attention to Moscow Exchange data. According to him, open interest in the June Ethereum index futures increased from 86,000 to 368,000 contracts from mid-May to early June. At the same time, turnover and the number of trades also rose significantly.
At the same time, Evgeny Popov emphasizes: exchange statistics alone do not show which way market participants are betting. The dynamics of the derivatives market look more like an attempt to profit from a recovery after a dip. Since the beginning of the year, Ethereum has fallen more than Bitcoin, and in early June the price dropped to about $1,500. For some investors, this looked like an opportunity to buy a major infrastructure asset cheaper than previous levels.
Comparison of ETH and BTC dynamics since the beginning of the year.
Why Interest in Ethereum May Have Grown
Anatoly Shpakov, trader and blogger, believes that the increase in queries may signal a search for a new idea after Bitcoin. When the main asset of the market has already attracted most of the attention, investors start looking at the next big option. Ethereum has several clear drivers for this:
- existing ETFs;
- potential income from staking;
- the network’s role as a base for DeFi;
- use of Ethereum for stablecoins;
- a base for decentralized applications.
For Ethereum, the key question is whether the network will remain a sought-after infrastructure for DeFi, stablecoins, and applications.
Yaroslav Kabakov, strategy director at IC Finam, names a similar set of factors. He highlights expectations of institutional money inflows through ETFs, the ability to earn income from staking, and the importance of Ethereum for tokenization and decentralized applications.
Roman Nosov, director for high-net-worth clients at BCS World of Investments, divides potential buyers into several groups. Some are looking for an alternative to Russian instruments and see the crypto market as a “safe haven.” Others are willing to experiment with high-risk assets. A third group adds ETH to an already diversified portfolio.
According to Roman Nosov, ETF purchases may be available to the first group through foreign jurisdictions or in the “gray zone” within Russia. But this path carries separate risks: the investor may lose connection with the necessary jurisdiction or face blocking due to Russian residency status.
Where You Can Buy Ethereum
Most often, ETH is bought through crypto exchanges, P2P deals, or brokers if they have access to such instruments. For some investors, ETFs on Ethereum become a separate option, but much depends on jurisdiction, platform, and client status.
For Russian residents, the main issue is not only the entry price, but also access to infrastructure. Buying through foreign jurisdictions or gray schemes can lead to blocking, loss of account access, or problems due to Russian residency status. Therefore, before buying, it is important to understand in advance which platform the deal goes through, who holds the asset, and what restrictions may apply later.
Betting on a Rebound After a Dip
Fedor Ivanov, head of analytics at 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 stayed in the $2,000–$2,500 range for several years, but now trades below these levels. This forms the basis for some investors’ expectation of a rebound.
Evgeny Popov and Fedor Ivanov agree on the key point: for many buyers, the main motive now is not a new technological story, but a desire to play the price drop. Cryptocurrency remains volatile, but sharp dips often attract those looking for an entry point.
In the near-term price dynamics, experts highlight several factors: recovery after a sharp dip, news about ETFs and staking, demand for DeFi and decentralized applications, competition with Solana and Tron, and uncertainty about 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.
Not Everyone Believes in a Real Surge in Demand
Konstantin “CryptoGrandpa” Koshelev, blogger, is more skeptical. He does not see a noticeable increase in interest in Ethereum and believes that some of the audience, on the contrary, has become more cautious. According to him, investors are wary of the asset’s weakness, uncertainty about the Ethereum Foundation, and actions by Vitalik Buterin, which the market perceives painfully.
Konstantin Koshelev also evaluates ETFs and staking differently. He does not consider ETFs a reliable “multiplier” of growth, and calls staking only a potential driver. In the US, he says, it is still unclear whether staking will be allowed at the state and banking level. Among positive factors, he highlights only the possible mention of ETH in a new cryptocurrency bill.
The Main Danger for Beginners Is Volatility
Experts are generally close in their risk assessments. Anatoly Shpakov warns: increased search interest does not mean a good entry point. Several factors point to this at once:
- increased interest does not guarantee a good entry point;
- mass demand often appears after a strong price move;
- ETFs do not guarantee growth;
- staking does not protect against decline;
- Ethereum competes with Solana, Tron, and other networks.
Increased search interest does not mean a good entry point: mass demand often appears after a strong price move.
Anatoly Shpakov advises buying the asset in parts and understanding the investment horizon in advance. This approach is especially important for those who have not previously encountered sharp moves in the crypto market.
If you consider buying ETH now, the advantages are clear: the asset has dropped significantly from previous levels, and there are stories around it with ETFs, staking, DeFi, and the network’s infrastructure role. The disadvantages are also significant: high volatility, competition from other networks, regulatory uncertainty, and risks of access to foreign instruments for Russian residents. A more cautious approach is to buy in parts, diversify the portfolio, or wait for a clearer correction instead of entering with the entire amount at once.
Yaroslav Kabakov and Fedor Ivanov also consider volatility the main risk. Evgeny Popov emphasizes not only the price, but also the network’s development. Bitcoin has already established itself as “digital gold,” but Ethereum still has to prove that its infrastructure will be in demand in a world where much attention is shifting toward AI. Additional uncertainty is created by developer disputes about the network’s future direction.
Konstantin Koshelev separately points to the risk of DeFi protocol hacks using new AI tools. In such an environment, even a single vulnerable computer program can cause losses if an important transaction passes through it. For users working online and interacting with protocols themselves, this remains one of the practical risks.
What Is Really Happening With Ethereum
The main disagreement among experts is in the assessment of demand itself. Evgeny Popov and Fedor Ivanov believe that interest has indeed increased: this is evident from exchange data and investors’ desire to buy the asset after a sharp dip. Konstantin Koshelev, on the contrary, does not see a noticeable revival.
Opinions are closer when explaining possible growth. Most experts name the same factors: ETFs, staking, and Ethereum’s role as infrastructure for applications, tokenization, and decentralized services. At the same time, no one singles out a single reason that could fully explain the surge in attention.
There is even more consensus on risks. The key threats look like this:
{
“@context”: “https://schema.org”,
“@type”: “Article”,
“about”: [
{
“@type”: “Product”,
“name”: “Ethereum”
},
{
“@type”: “Thing”,
“name”: “cryptocurrency”
},
{
“@type”: “Product”,
“name”: “Bitcoin”
}
]
}
- high volatility;
- difficulties buying ETFs from Russia;
- uncertainty about network development;
- threats to DeFi protocols from AI.
