CryptoQuant has announced the start of a “second bull market” for Ethereum. Here’s a visual chart and commentary from one of the company’s analysts:
"The second Ethereum bull run has begun. In the crypto market's past, Ethereum has had two major bull runs. The second Ethereum bull cycle has always significantly exceeded the price created in the first bull cycle."
Well, it's hard to argue, especially since we congratulated everyone on the start of the#ETHbull run two days earlier (https://www.binance.com/ru-UA/square/post/16693307921817), based on the signal of our indicator 😁.
Those who have been closely following the dynamics of BTC and altcoins in recent days see that decoupling is gradually beginning. As they wrote on November 25: "altcoins led by#ETHare already hinting that they will grow more actively in the scenario of BTC range and recovery." Many have already forgotten how this is, and for beginners it will seem completely wild. But the market is confidently moving towards this phase. Altcoins in a pair with BTC will soon begin to grow.
Let's go over a couple of important pieces of news, and then we'll tell you when, in our opinion, the active phase of the altseason will begin, with a truly vigorous growth of altcoins.
1. According to IntoTheBlock, 90.8% of all ETH holders are now in the black. This is the highest since June of this year. 9.2% of holders are in the red, and they account for only 2.8% of the total supply. Accordingly, the potential selling pressure from them is weak. Therefore, they are not able to create significant selling pressure.
2. The net capital inflow into spot Ethereum ETFs over the past 24 hours was about $90.1 million. And the inflow trend has been going on for four days in a row. The total value of ETH under ETF fund management is $10.8 billion. For comparison, the net inflow into Bbitcoin ETF over the past 24 hours was $103 million, and the total BTC under ETF fund management is $104.32 billion.
3. The largest investor in BlackRock's#EthereumETF is the hedge fund giant Millennium. According to #Kaiko. While retail was outraged by the#ETHrange and shouted that "Ethereum is a scam!" - someone big was forming their portfolios.
4. Open interest in#ETHhits record high of $16.8B. Percentage change in open interest (24h) is 19%, according to #CryptoQuant.
Well, about the signals for the altseason.
- An early signal is a transition to a stable uptrend of the ETH/BTC pair chart on a three-day TF. A more reliable signal is a transition to a stable uptrend of the ETH/BTC chart on a weekly TF. The latter has never happened in the current cycle. So far, the price here is at the minimums since March 2021 (!). Having updated the low just last week.
- According to the trend, the key signal on this chart is a breakout of the downward trend resistance from September 2022. But it may come later.
- Transition to a stable downtrend of the#BTCdominance chart on the three-day (early signal) and weekly TF.
We've set alerts for these significant events and will let you know.
