Ethereum (ETH) has surged to its highest price of the year, supported by positive funding rates and strong bullish sentiment.
However, the elevated funding rates suggest that the market may be nearing an overheated state, with potential for sharp corrections if resistance levels are tested. Investors are advised to manage their risk carefully as volatility and short-term fluctuations remain likely.
$ETH hits a yearly high, fueled by positive funding rates and bullish sentiment.
Elevated rates hint at possible overheating, risking sharp corrections if resistance appears.
Investors should manage risk, anticipating potential volatility and short-term shifts. pic.twitter.com/yEMsVHsBA4
— Kyledoops (@kyledoops) November 13, 2024
While ETH has gained momentum, whales appear to be taking varied positions following a recent 8% price dip in the last 24 hours, even as Devcon 2024 unfolds.
One notable whale, labeled “0x49e,” withdrew 8,001 ETH (about $25.36 million) from Binance just an hour ago. Over the past nine days, this whale has accumulated 20,276 ETH at an average of $2,959, currently sitting on an unrealized profit of approximately $4.14 million.
Whales are taking different positions when #Ethereum dropped 8% (24H) despite the ongoing #Devcon 2024. What's your view? 🤔
1/ Whale “0x49e” withdrew 8,001 $ETH ($25.36M) from Binance an hour ago.
This whale accumulated 20,276 $ETH at ~$2,959 in the past 9 days, now having an… pic.twitter.com/T4QfCxOOxr
— Spot On Chain (@spotonchain) November 13, 2024
Meanwhile, another large investor, “0x3d4,” deposited 5,000 ETH (valued at $15.7 million) to Binance in the last three hours and initiated a withdrawal of 9,817 ETH from the Lido staking platform. This whale amassed 14,877 ETH back in February and April at an average price of $2,871 and would see a 9.9% profit ($4.21 million) if they chose to sell their holdings now.
Ethereum Spot ETFs Recorded Net Inflow
In the broader market, institutional interest in Ethereum has intensified. On November 12, the Ethereum spot ETF recorded a significant inflow of $136 million, marking the first time in history with five consecutive days of net inflows. BlackRock’s ETHA ETF alone registered a daily net inflow of $131 million. The total net asset value of the Ethereum spot ETF now stands at an impressive $9.671 billion.
On November 12, the Ethereum spot ETF had a total net inflow of $136 million, the first time in history that it had a net inflow for five consecutive days. The BlackRock ETF ETHA had a net inflow of $131 million per day. The total net asset value of the Ethereum spot ETF is… pic.twitter.com/yOOwmEzLDT
— Wu Blockchain (@WuBlockchain) November 13, 2024
As both institutional and whale activity intensify, Ethereum’s rally faces mixed signals, with both caution and optimism at play in the market.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!
Image Source: nexusplexus/123RF // Image Effects by Colorcinch
