With the recent spike in the cryptocurrency market, some whales are apparently trying to turn this price decline into an opportunity.
One of these investors was a whale, who woke up after a five-month sleep and used 1.52 million USDC 21 hours ago to buy 907.4 Ethereum at an average price of $1,680, and has been described as a smart whale by his past transactions.
The whale in question is known for having a history of buying low and selling high in all previous ETH trading cycles and has made an estimated $600,000 profit so far.
Another whale, identified as 0xee2, spent 11.15 million USDC and bought 5,120 wrapped ETH (WETH) and 1,506 ETH at an average price of $1,683. Prior to the acquisition, the whale in question had invested 6,676 ETH and 2,747 staked ETH (stETH) to borrow 8 million USDC from Aave, a decentralized lending platform.
A third wallet, known as the smart trader and labeled 0x828, raised 2.6k ETH at an average price of $1,682, spending a total of $4.38 million. This trader made an impressive $14.17 million profit in the last two ETH trading cycles. It currently holds 22,601 ETH worth $37.8 million at the current price.
According to Bloomberg’s report, which is based on people familiar with the matter, the SEC is unlikely to block the approval of products related to Ethereum futures contracts.
It is not yet clear which funds will receive approval. The source said several funds could receive approval by October.
About twenty companies, including Volatility Shares, Bitwise, Roundhill and ProShares, have applied to issue ETFs.
Bitcoin fell below $29,000 on Thursday after the US Federal Reserve indicated the need to maintain its tight stance in the meeting minutes published on August 16. Bitcoin experienced a 2% drop overnight and is currently trading around $28,600.
This decline also pulled down the broader crypto market, with the total market value dropping by 1.7% or nearly $20 billion overnight, according to data. Ethereum is also struggling to hold the $1,800 support level and is trading around $1,795 with a 1.5% drop in the last 24 hours.
The S&P 500 index continued its decline since Tuesday and experienced a 0.76% drop. NASDAQ closed the day with a 1.15% decline.
The Dollar Index (DXY) gained 0.54% against other major currencies this week due to the Fed’s interest rate expectations and reached a one-month high yesterday.
In the Fed policy interest rate meeting last month, the interest rate was raised to the highest level in 22 years, between 5.25% and 5.50%. Many expected the interest rate hike, which started aggressively from zero in March 2022, to be one of the last increases made to control high inflation.
The central bank’s interest rate hikes have been one of the most important factors limiting the rise of risky assets such as stocks and cryptocurrencies. Higher borrowing costs suppress growth and expansion and attract investors to safer bets like Treasury bonds. It is also one of the fundamental tools in the Fed’s hands to balance rising consumer costs.
However, the latest meeting minutes show that the Fed’s decision-making committee is “extremely cautious about inflation risks.” The document also stated that the business outlook is positive with “strong” job gains and low unemployment rates.
SEI, a blockchain platform, experienced a significant drop in its token price due to an influx of airdrop requests and subsequent sales by those who received the tokens. The price, which was nearing $1 on the day of its Binance listing, fell to $0.17 at the time of writing.
The SEI Foundation announced the beta phase of its main blockchain network a few days ago. This morning, it was reported that the number of wallets that won the right to the airdrop increased due to high demand. Initially, there were 500,000 wallets, but this number later rose to 1.5 million.
As part of the airdrop, the SEI team also set aside 3% of the tokens for themselves, equivalent to approximately 300 million tokens. Currently, about 1.8 billion tokens are in circulation in SEI, with a total supply of 10 billion tokens. SEI, which is part of the Cosmos ecosystem, aims to overcome the scalability and user experience challenges encountered in blockchain technology. It seeks to promote the widespread adoption of Web3 applications.
When the 12-hour technical chart of Ethereum is examined, it is observed that candle closings below the $1815 level have brought the price down to around $1780. As long as ETH continues to close below the mentioned $1815 level on a daily basis, it can expand the downward movement towards the support range of $1778 – $1749.
However, if ETH receives strong buying responses in the $1778 – $1749 support range, it can rise from this support zone towards the $1880 level first and then towards the $2023 level. However, if ETH closes below the $1749 support on a daily basis, there is a possibility of continuing the downward trend.
If the ETH price achieves daily candle closings below the $1749 level, it can continue its downward movement towards the next critical support level of $1720. If closings below $1720 occur, the next target could be $1690. However, if ETH closes above $1880 on a daily basis, it can eliminate the possibilities of a decline.
The leading cryptocurrencies Bitcoin and Ethereum, known for their high ups and downs, seem to be taking a break in the summer. Now, even surpassing oil, these digital assets have become less volatile.
According to the new data from Kaiko research, the 90-day volatility indices for Bitcoin (BTC) and Ethereum (ETH) have reached multi-year low levels, decreasing by 35% and 37% respectively. This has caused the volatility of the largest cryptocurrencies to fall below the volatility of oil, which is at 41%.
Market volatility is the frequency and magnitude of price movements, either up or down. It is calculated based on how much a price has changed over a certain period of time – a higher percentage represents higher volatility, while the opposite represents lower volatility.
Historically, cryptocurrencies have been seen to be more volatile than oil, with greater frequency and magnitude of price movements, leading Kaiko analyst Dessislava Ianeva to describe the current market as “unusual.” However, according to the Kaiko analyst, this volatility has significantly decreased because “Bitcoin is continuing to mature as an asset.”