A company that is changing the way the world mines bitcoin

NewsBTC 2024-11-23 17:30:24

Deribit Moves $783M in Ethereum To Cold Storage: A Bullish Signal for ETH?

While Ethereum seems to have begun its own major rally, the asset has recently experienced significant activity on the Deribit Options Exchange which begs the question of what it means for ETH’s price. A CryptoQuant analyst known as Amr Taha detailed these developments in a post on the CryptoQuant QuickTake platform. The analysis focused on substantial outflows from the exchange to cold wallets, highlighting potential implications for market sentiment and liquidity. Related Reading: Ethereum Sees Neutral Netflow On Binance: What Does This Signal? ETH Netflows On Deribit And The Implications According to Taha, the Deribit Options Exchange recorded a notable transaction involving 233,000 ETH transferred to a cold wallet. Valued at approximately $783 million, the transaction was executed at an average price of $3,350 per Ethereum. This was not limited to Ethereum alone—Bitcoin also witnessed a similar outflow, with 31,000 BTC worth $3.038 billion moved to cold storage. These transfers have sparked speculation about the motivations behind such activity and their potential impact on the broader market. As a result, the CryptoQuant analyst highlighted four major implications of this movement. First, the reduction in selling pressure is notable. Assets stored in cold wallets are less likely to be sold immediately, which can decrease liquidity on exchanges. Taha noted that this scenario may contribute to price stability or even further boost the bullish trend in the market if demand remains steady or increases. Another key takeaway from these transactions is the possibility of institutional accumulation. Such large-scale transfers often indicate that institutional investors or high-net-worth individuals are confident in Ethereum’s long-term value. Furthermore, Taha highlighted Deribit’s strategy of moving these funds as part of a risk management approach. The analyst wrote: Moving assets to cold storage is a security practice to minimize exposure to hacking risks. It also reflects a cautious approach, likely due to regulatory scrutiny or anticipated market volatility. Additionally, Taha highlighted that this move could also have impact on market sentiment where by traders could interpret these transactions as bullish, “leading to increased buying activity.” Ethereum Market Performance Meanwhile, Ethereum currently trades above the $3,300 mark following an increase of 8.2% in the past week and 1.3% in the past 24 hours. The asset’s market cap has also significantly surged alongside its price with a current valuation nearing $400 billion. According to renowned crypto analyst known as EᴛʜᴇʀNᴀꜱʏᴏɴᴀL on X, Ethereum current price chart appears to be mirroring that of 2016-2017 where it experienced a “mega bull” run. Related Reading: Ethereum Attempts Key Breakout: Analysts Set Next Target As ETH Reclaims $3,200 According to the analyst, “altcoins will follow” as Ethereum continues to increase. #Ethereum $10k+ step by step!$ETH repeats the bullish megaphone pattern it drew while heading towards the 2016-2017 mega bull period, before the 2024-2025 mega bull period.#Alts will follow! pic.twitter.com/VRVI8lwnsS — EᴛʜᴇʀNᴀꜱʏᴏɴᴀL 💹🧲📈 (@EtherNasyonaL) November 22, 2024 Featured image created with DALL-E, Chart from TradingView

Наиболее читаемые новости

Mapping’s NEAR’s next price target as it brea...
2024-11-23
Police Issue Warning Against ‘Grandparent Sca...
2024-11-23
Is Bitcoin heading back to $90K? Solana ETFs,...
2024-11-23
XYZVErse Predicted to Climb to $6 From $0.000...
2024-11-23
PEPE and DOGE Investors Take Note: This Risin...
2024-11-23
Meme Coin Showdown: Token Mill vs. Pump.fun i...
2024-11-23
Charles Schwab to Launch Spot Crypto ETFs if...
2024-11-23
King Elon (KINGELON) Solana Memecoin to Explo...
2024-11-23

Связанные новости

Прочтите Отказ от ответственности : Весь контент, представленный на нашем сайте, гиперссылки, связанные приложения, форумы, блоги, учетные записи социальных сетей и другие платформы («Сайт») предназначен только для вашей общей информации, приобретенной у сторонних источников. Мы не предоставляем никаких гарантий в отношении нашего контента, включая, но не ограничиваясь, точность и обновление. Никакая часть содержания, которое мы предоставляем, представляет собой финансовый совет, юридическую консультацию или любую другую форму совета, предназначенную для вашей конкретной опоры для любых целей. Любое использование или доверие к нашему контенту осуществляется исключительно на свой страх и риск. Вы должны провести собственное исследование, просмотреть, проанализировать и проверить наш контент, прежде чем полагаться на них. Торговля - очень рискованная деятельность, которая может привести к серьезным потерям, поэтому проконсультируйтесь с вашим финансовым консультантом, прежде чем принимать какие-либо решения. Никакое содержание на нашем Сайте не предназначено для запроса или предложения