Ethereum whales have recently made a significant move in the market by selling 60,000 ETH, valued at over $200 million, after the price of the cryptocurrency dropped to a weekly low. This selling activity comes as Ethereum experienced a 6% loss over the past seven days, despite still holding a 17% gain for the month.
The drop in price led to a total of $124 million in ETH liquidations, with $108 million coming from long liquidations as buyers rushed to close their positions. In addition to this selling pressure, Ethereum whales holding between 1,000 and 10,000 ETH saw their holdings decrease from 13.47 million to $13.41 million on December 18th, indicating a significant sell-off.
The increase in selling activity is further reflected in a spike in inflows to spot exchanges, with positive netflows reaching a weekly high. This surge in selling pressure caused Ethereum to drop from $3,900 to around $3,500, with the potential for further bearish pressure if buying pressure does not increase.
Institutional demand for ETH has been on the rise, as seen in the inflows to spot ETFs. However, on December 18th, total inflows reached a low of $2.45 million, with the Grayscale Ethereum Mini Trust experiencing $15 million in outflows for the first time since November. This decrease in demand could potentially lead to a price decline.
Looking ahead, there is a supply zone for ETH between $3,800 and $3,900, where 2.59 million addresses purchased 4.85 million ETH. If buyers re-enter the market, the altcoin could face strong resistance in this zone, but breaking past it could lead to further gains.
Derivative trading activity around ETH remains high, with open interest at $27 billion just 6% shy of all-time highs. Despite a 4% decline in open interest, derivative trading volumes have surged by around 30%, indicating continued interest in ETH derivatives.
Overall, while there is a prevailing bearish sentiment among derivative traders, the market remains dynamic and could see further price movements based on buying and selling pressures. It will be interesting to see how Ethereum’s price evolves in the coming days and weeks. When it comes to living a healthy lifestyle, there are many factors to consider. From eating a balanced diet to staying active and managing stress, there are countless ways to prioritize your well-being. One often overlooked aspect of overall health is the importance of getting enough sleep.
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