Ethereum’s recent surge above $2,670 has caused quite a stir in the market, triggering a massive short squeeze that liquidated over $500 million in short positions on Binance alone. This sudden rebound caught many leveraged short traders off guard, leading to one of the largest liquidation waves seen in recent times.
As Ethereum reclaimed its position above $2,670, the market witnessed a dramatic shift in sentiment. The influx of fresh ETH into derivative exchanges hinted at the potential for more volatility in the near future. With rising ETH deposits exceeding 30,000 ETH per transaction, it’s clear that traders are gearing up for further market swings.
The surge in deposits to derivative exchanges post-squeeze suggests a mounting short-selling pressure on Ethereum. Traders are actively repositioning themselves, with a significant focus on hedging spot exposure. However, the sheer scale and timing of these inflows indicate a growing interest in short-selling, raising the risk of another sharp unwind if Ethereum loses momentum.
Funding rates have turned positive following Ethereum’s rebound, indicating a shift towards bullish sentiment despite recent market turbulence. While aggregate open interest spiked during the rally, it subsequently fell sharply amid liquidations before stabilizing around $15.4 billion. The rise in Funding Rates suggests that long positions are once again paying to stay open, reflecting a renewed confidence in the market.
In conclusion, Ethereum’s recent price action has set the stage for more market turbulence in the days ahead. Traders should remain vigilant and adapt their strategies accordingly to navigate the volatile landscape of the cryptocurrency market. The Benefits of Regular Exercise for Both Mind and Body
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