Ethereum whales are back in action, and their recent moves are sending ripples across the crypto market! After a period of heavy liquidations, the largest holders of Ethereum are making significant purchases, signaling a potential shift in market sentiment. Let's dive into what's happening.
On Tuesday, a major wallet scooped up a substantial $55 million worth of ETH from BitGo. And the buying didn't stop there! Another purchase of $13 million worth of ETH was made from Binance on Wednesday. But this is not the end of the story, another large holder purchased $91.16 million worth of ETH from Kraken.
This wave of buying activity coincides with an impressive market rebound. Ethereum itself has surged by over 8% in the last 24 hours, currently trading around $3,015. Bitcoin and Solana are also experiencing gains, with Bitcoin up 7% and Solana jumping more than 10%.
But here's where it gets interesting: derivatives data paints a bullish picture. Taker buy volume, which indicates the volume of buy orders filled by takers in perpetual swaps, has spiked. Specifically, it reached $148.7 million across all exchanges on Tuesday. This suggests a strong appetite for buying in the market.
Furthermore, futures cumulative volume delta (CVD) has increased relative to spot CVD. When perpetual CVD and open interest (the total number of open orders) trend upwards, it often means investors are opening new long positions, betting on further price increases.
Stephen Gregory, founder of crypto trading platform Vtrader, suggests that the correction may have run its course and that macro tailwinds will push Ethereum higher. Could this be the start of a new bull run?
What do you think? Are these whale moves a sign of a sustained recovery, or is it too early to tell? Share your thoughts in the comments below! Is this a good time to invest in Ethereum? What are your price predictions for the coming weeks?
