As a seasoned researcher with years of experience in the cryptocurrency market, I’ve seen my fair share of ups and downs, whale movements, and market trends that could make even the most hardened investor sweat. Today’s massive inflow of 82,000 Ethers into derivatives exchanges is a red flag that I can’t ignore. This is the largest transfer in months and history has shown us that such large netflows often precede a downturn or increased volatility.
Over the past few hours, a significant amount of Ether (ETH) has been transferred to derivative trading platforms. This action often indicates either an upcoming market drop or heightened volatility, according to the verified expert at CryptoQuant.
82,000 Ethers (ETH) on their way to exchanges, expect volatility
On November 5th, 2024, a significant amount of Ethereum (ETH), the second-largest cryptocurrency, saw an unprecedented surge in investment into derivative trading platforms. In fact, approximately 82,000 Ethers were transferred to these services, as reported by the reliable source CryptoQuant, who is known online as @3AMRTAHA_ on X.
This gigantic move amounts to more than $200 million. This represents the largest deposit of ETH into derivative exchanges in recent months, according to data from CryptoQuant.
The analyst notes that significant movements of funds, historically, have led to a drop or heightened instability in the value of Ethereum (ETH).
With the general feeling within the Ethereum (ETH) community, this increase could indicate a possible shift towards a downward trend.
Previously reported by U.Today, there’s a surge in large transactions involving Dogecoin (DOGE), Shiba Inu (SHIB), and Ripple (XRP) today. These significant transfers often indicate increased volatility that could affect the altcoin market.
ETH/BTC routinely hits new low
In this current market phase, Ethereum (ETH) isn’t keeping pace with Bitcoin (BTC), the leading cryptocurrency. Instead of matching the anticipated March 2024 record highs, Bitcoin (BTC) is making an effort to achieve those levels, whereas Ethereum (ETH) continues to find it challenging to break through the $2,500 resistance point.
With Bitcoin’s recent surge above $70,000, the value of Ethereum relative to Bitcoin (ETH/BTC ratio) is reaching a fresh low not seen in many years. As per TradingView, it dipped to 0.035 today, marking its lowest point since March of this year.
As a researcher examining the crypto market trends, I’ve noticed that the significant indicator for Ethereum (ETH) price has plunged approximately 58.3% from its peak, which was recorded towards the end of Q4, 2021. Conversely, Bitcoin’s (BTC) dominance is touching new heights.
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2024-11-05 19:35