The price of Ethereum, that capricious creature, tumbled from its lofty perch above $2,800 to the more modest, yet psychologically significant, $2,500 level. This descent, though disheartening, was not without its silver lining. Historical data, that wise and often overlooked sage, suggests that so long as Ethereum clings to the $2,500 support, it may yet find its way back to the sunlit uplands of prosperity.
In an analysis by CryptoQuant, a benevolent oracle of the blockchain, we find that no wild stampede is occurring. Netflow dataâheedless of tumultsâhas emitted nothing more than the faintest murmurs since that fateful day. Investors are gripping their digital wallets like a dog with a bone: clinging, steadfast, and perhaps a tad obsessed with the idea of not selling their beloved BTC.
Tether’s USDT, that most mercurial of stablecoins, hath reigned supreme across the exchanges, its reserves shrouded in mystery, like the Sphinx of old. Meanwhile, Circle’s USDC hath emerged as a beacon of transparency, its attestations and partnerships a testament to its commitment to the values of this fledgling industry.
According to crypto analytics platform Santiment, wallets holding between 1,000 and 100,000 ETH â referred to as whale and shark wallets â have added a net total of 1.49 million ETH over the past 30 days. This group increased its combined holdings by 3.72% and now controls 26.98% of the total ether supply.
According to the latest gossip from the market, these whales have offloaded over 270 million ADAâworth about $170 million. Thatâs enough to make anyoneâs head spin, especially during a week filled with geopolitical fireworks. đ
Every time Ethereum has danced around this level, it has led to raucous rallies, leaving Bitcoin in the dust. Traders, with bated breath, are glued to their screens, hoping for a dĂŠjĂ vu moment where Ethereum flexes its muscles after a long, dreary slumber. đ¤
Several firms have officially launched new Bitcoin treasury positions, presumably after consulting their magic eight balls:
According to the report, the liquidation cascade was primarily triggered by overcrowded leveraged short positions. As Ethereum began its valiant recovery from recent lows, traders who entered short positions too late found themselves in a rather uncomfortable position. đ¤Śââď¸
Key Highlights GameStop decided $2.25 billion in convertible notes was burning a hole in their collective pocket, and rumor has it, some of that pile might wander off into Bitcoin. I reckon if Bitcoin starts throwing out âpower to the playersâ coupons, weâll know where it came from. đ¸ Cipher Mining snuck 111 more BTC … Read more
According to the ever-reliable sages at CryptoSlam, this marks the most significant weekly gain in recent memory for this peculiar sector. It seems the masses have awakened from their slumber, driven by the intoxicating scent of profit and the allure of digital art that one cannot even hang on a wall.
