"read before rating"
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PART 1: DATA ASPECT
- With Data from "Into the block", on May 28, a huge amount of $ETH was recorded on the floor from#Binanceto #Coinbase, the most in the past 4 months with a value of up to 140,000 $ETH - worth more than half a billion dollars.
-> Such a huge amount brings a negative signal with the possibility of increasing selling pressure, or preparing for some unpredictable fluctuations.
"But is there a more fortunate scenario for us?"
- Luckily YES, and that is adding to the exchange's reserve supply, especially when $ETH reserves on exchanges have reached their LOWEST level in the past 5 years!
"So where did the $ETH withdrawn from the exchange go?"
- Of course, about different individual & organizational wallets, most notably the wallets with huge balances, specifically...
...wallets with balances between 10-10k and between 10k-100k $ETH, there has been a continuous increase in number.
-> With the above move, we can conclude that the big players, Whale, are still actively accumulating.
"So with $ETH, where is the price range where it has been accumulated?" - The answer is...
...is the range from 3700-3810$ with 1.66m $ETH (worth more than 6.2 billion dollars) accumulated by more than 1.8 million different wallet addresses. And this is what will cause the selling pressure we initially mentioned to disperse.
- In a worse case scenario, the area around 3k5 with 1.5m $ETH bought will absorb the selling pressure.
"At the same time, we mentioned the Whales through wallets with large balances, let's not forget their position on the Option side"
- With the data from the remaining image (above), many whales also expressed views on $ETH in the medium term with a minimum peak at the $5k price mark.
"But can the traditional market support this view?"
- Let's learn together through the perspective of...
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PART 2: SPOT ETF ASPECTS
(To be continued tonight...)