Analysts at CryptoQuant claim that 82,000 Ethereum ($ETH
) has been invested on derivatives exchanges
Over the past few hours, a huge amount in ether (ETH) has been moved on derivatives #exchanges . This is usually a signal of a downturn or at least increased volatility, CryptoQuant says.
82,000 Ethereum (ETH) on its way to exchanges, volatility expected
Ethereum (ETH), the second-largest cryptocurrency, is experiencing a record influx of liquidity on derivatives exchanges. Today, November 5, 2024, more than 82,000 ETH coins have been moved to cryptocurrency trading services. Such estimates were shared by the well-known analyst CryptoQuant.
In equivalent, this huge transfer equals more than $200 million. This is the largest influx of ETH to derivatives exchanges in recent months, CryptoQuant data says.
The analyst recalls that previous large fund flows have resulted in a decline in the price of Ethereum (ETH) or increased volatility.
Combined with Ethereum (ETH) community sentiment, this influx could be a signal of a potential downtrend.
As U.Today previously reported, DOGE, SHIB, and $XRP
are experiencing a surge in whale transfers today. Such movements also signal potential volatility approaching the altcoin segment.
ETH/BTC has been hitting new lows on a regular basis
Ethereum (ETH) has lagged behind Bitcoin ($BTC
), the largest cryptocurrency, in this cycle. While the former coin is struggling to reach levels comparable to ATH March 2024, Ethereum (ETH) is still struggling with the $2500 levels.
Amid BTC's current jump above $70,000, the ETH/BTC ratio is aiming for a new multi-year low. According to TradingView, it touched 0.035 today, the lowest level since March 2021.
This crucial measure of Ethereum (ETH) price is down 58.3% from its peak at the end of the fourth quarter of 2021. Bitcoin (BTC) dominance, on the other hand, is reaching new highs.