Liquidity continues to rotate in ETH as smart whales and financial institutions return. Once ETH consolidated above $3,125, whales repositioned in hopes of further improvement.
ETH has stabilized above $3,000 with recent whale activity indicating more bullish sentiment. ETH traded at $3,104.96 after briefly rising to nearly $3,200. ETH’s Fear and Greed Index stands at 51 points, indicating neutrality.
The token is currently looking for direction, with the potential for a boost from both physical whale purchases and long positions in the derivatives market. Our predictions for ETH include a breakout into a higher range as the network remains important for DeFi and tokenization. ETH remains at 0.034 BTC as the major coins are still trading sideways.
Bitmine adds more ETH
Bitmine is one of the regular sources of support for ETH. The company purchased an additional 138,452 ETH, most of which was acquired between December 1st and December 7th.
The company currently holds 3.73 million ETH, an increase of 9.8% in the last month. Bitmine may continue to buy until it builds a treasury of 5 million ETH.
Other financial companies are not adding any more ETH, leaving it a limited source of demand. Despite this, the ETH balance in the accumulation wallet is still at an all-time high with over 27 million tokens.
Institutional investors also increased their balances, although the pace of movement of ETH was slower than that of Bitcoin. On-chain data shows Amber Group reportedly withdrew 6,000 ETH from Binance’s hot wallet for personal safekeeping. intermediate address.
Metalfa withdrawal 3,000 Ethereum I got the tokens from my Gnosis Safe Proxy wallet and deposited them into Aave.
ETH has recovered from $2,800 over the past few weeks and is showing signs of: whale intervention. The whales returned to buy the dip in the range, which matched the average acquisition price of large holders.
ETH whales show confidence in derivatives trading
ETH open interest has increased to over $17.4 billion, indicating growing confidence in the ongoing ETH rally. In HyperLiquid, almost 59% of whales have long positions, with the highest having a notional amount of $162.41 million. This powerful trader, also known as the “anti-CZ” whale, has been successful in his trading career.
On-chain data reveals that some of the most prominent whales are taking long positions. 1011 Whales who shorted BTC are currently bullish on ETH. Whale opened the second-largest long position ($155.12 million) in HyperLiquid, which he still held after paying negative funding fees.
1011 Whale took a long position in ETH and achieved unrealized gains of over $3 million. |Source: Hyper Liquid
Whales achieved unrealized gains of over $3 million after ETH extended its recovery. To maintain this position, whales have added over $70 million in USDC liquidity in the past day. The whale has already secured a profit of $305,000 from a small long position in ETH.
Active whales have a reputation for making smart money choices and have racked up profits on their positions, at least in the short term. But they are also willing to profit rather than be liquidated.
