Ethereum
$8 billion worth of Ethereum (ETH) in 24 hours: what’s happening?
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With the Ethereum With the ETF craze covering the cryptocurrency market like a fog, the activity of large holders is exploding. Over $8 billion worth of ETH has been transferred between whales, which creates an interesting situation: the activity is there, but not the price. moving for now, consolidating at around $3,900.
This number of large transactions is remarkable. There were over 6,780 large trades in the last 24 hours and a seven-day high of 9,790 trades. But despite all the activity, the price of ETH was relatively insensitive.
The chart reveals that extremely high levels of transactions are being offered, amounting to an incredible 2.14 million ETH over the past day. This level of trading is consistent with the current hype around ETFs, since institutional interest tends to dictate whale behavior.
The highest seven-day trading volume was 3.21 million. ETH, while the lowest was around 981,530 ETH. The implications of this volatility are that there is an extremely fluid market in which large holders are very moving and shaking, probably in the hope of signaling an impending price movement.
Interestingly, although transactions are high in number of units and value in many cases, price volatility is relatively moderate. The volatility index indicates a 30-day high of 62.38% and a low of 40.72%, which means that the market, with all its transactions, does not experience large price fluctuations.
If the ETF story continues to unfold and more institutional money comes into play, ETH space, a breakout above $4,000 could become a reality in the future. But if this action is simply a reprieve for profit, or a redistribution in the face of perceived weakness beneath the market’s surface, she may struggle to maintain her courage.
About the Author
Arman Shirinian
Arman Shirinyan is a trader, crypto enthusiast and SMM expert with over four years of experience.
Arman strongly believes that cryptocurrencies and blockchain will be of constant utility in the future. Currently, it focuses on news, articles with in-depth analysis of crypto projects and technical analysis of cryptocurrency trading pairs.