In the past three weeks, Ethereum’s open interest has surged by approximately $1.5 billion, signaling increased activity in leveraged trading and accompanying volatility.
On-chain reports reveal that a major whale deposited 25,800 ETH, valued at $87 million, into Binance today.
#Ethereum Open Interest data has increased by approximately $1.5 billion in the last 3 weeks
“As leveraged trading increases, liquidations become inevitable. This, in turn, brings high volatility. Therefore, I believe that OI is one of the data points that needs to be closely… pic.twitter.com/XTNz8sDuZU
— CryptoQuant.com (@cryptoquant_com) July 29, 2024
This follows a period where the same whale withdrew 26,721 ETH from Binance at around $3,457 per ETH between May 31 and July 25, and subsequently deposited 26,660 ETH at approximately $3,376 on July 17 and 29. This transaction results in an estimated loss of $2.16 million, or about 2.34%.
A giant whale deposited 25.8K $ETH ($87M) to #Binance just now!
Notably, this whale withdrew 26,721 $ETH from Binance at ~$3,457 from May 31 to Jul 25;
And has deposited 26,660 $ETH to the CEX at only ~$3,376 on Jul 17 and 29.
The est. total loss from $ETH is $2.16M (-2.34%).… pic.twitter.com/vjkE912IWj
— Spot On Chain (@spotonchain) July 29, 2024
In addition to whale movements, Ethereum whales added over 426,000 ETH to their wallets last week, demonstrating a continued accumulation trend. This increase coincides with Ethereum’s rebound from recent lows below $3,000.
The growing adaptation of Ethereum, particularly with the launch of Spot ETFs, is fueling expectations of a rally similar to Bitcoin’s recent performance.
Notable Ethereum ETH ETFs Data To Monitor
The week of July 22 to 28 saw significant investment in Ethereum Spot ETFs. BlackRock’s ETHA received $442 million in net inflows, Bitwise’s ETHW attracted $265.9 million, and Fidelity’s FETH secured $219.4 million.
Additionally, Grayscale’s Ethereum ETF, known for having the lowest transaction fees, brought in $164 million. Overall, Ethereum Spot ETFs saw over $1.17 billion in investments within just four trading days.
Ethereum balinaları geride bıraktığımız hafta cüzdanlarına 426 bin adetin üzerinde ETH ekledi.
Ethereum balinaları tam gaz biriktirmeye devam ediyor.
1⃣ Large Holder Netlow
Toplam arzın en az %0,1'ini elinde bulunduran cüzdanlar, geçtiğimiz ay boyunca sürekli olarak pozitif… pic.twitter.com/VDUkBNeEee
— Burak Kesmeci (@burak_kesmeci) July 28, 2024
The ongoing accumulation by Ethereum whales and the robust interest in Spot ETFs suggest a potentially intense competition between these two groups in the near future. As both continue to build their positions, Ethereum’s market dynamics are likely to experience significant shifts.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Image Source: nexusplexus/123RF // Image Effects by Colorcinch
