Look at Exchange Withdrawing Transactions, which are highly correlated with prices, and they deviate significantly from the price of Ethreum (ETH). This means that physical withdrawals are declining, so it is safe to assume that there is simply no demand.
What is driving the price up then, look at the Estimated Leverage Ratio (ELR) of ETH, which has risen sharply since before mid-May when the ETH ETF became a reality The ELR formula Open Interest / ETH Exchange reserve, so. The ELR rose sharply even before the reserve decreased, which means that a large amount of vertical balls were loaded, and the assumed leverage rose sharply.
ETH price moves like a range after ETH ETF approval. However, in the absence of Withdraw and while the ELR has not yet been resolved, it is advisable to refrain from buying.
Written by Crypto_Lion
