Cryptocurrency whales have transferred over $1 billion worth of Ether in approximately ten transactions, according to the popular blockchain sleuth Whale Alert.
This has happened while Ethereum has fixed above the $3,100 level for now. Meanwhile, a rising open interest for Ethereum perpetual swaps seems to confirm an upward ETH trend, according to the recent analytics data.
ETH swaps open interest hits $8 billion
A chart shared by the IntoTheBlock data vendor shows that the open interest for Ethereum-based perpetual futures has surged to the $8 billion level for the first time since May.
This metric shows the worth of outstanding ETH contracts in USD. Ethereum price that is going up together with the OI value is likely to be confirming an upside trend for the second largest cryptocurrency.
#Ethereum Perpetual Swaps Open Interest crosses the $8 billion mark for the first time since May 18— IntoTheBlock (@intotheblock) August 10, 2021
Open Interest refers to the dollar amount of contracts outstanding. As the price of $ETH has been climbing alongside OI is said to confirm an upward trendhttps://t.co/O4jZ5H02JE pic.twitter.com/Yr28WC7vD1
Whales are moving $1.4 billion in ETH as Ether trades at $3,150
In the past twenty-four hours, holders of massive amounts of Ether have made twelve large transactions in this coin. Each carried 30,000 ETH on average and totalled from $70 million to over $100 million USD. That amounted to 448,000 ETH worth a whopping $1,409,089,920.
Over the weekend, the second biggest crypto by market cap, Ethereum, rallied to recapture its 3,000 level last seen in early and late May – before and after the all-time high of $4,362 reached on May 12.
It has kept rising and at the time of writing this, Ethereum is changing hands at $3,150 per coin.
Ethereum supply shock hits ATH
Crypto trader and analyst Willy Woo has shared a chart that shows an Ethereum supply shock hitting an all-time high.
He says that the second biggest crypto was likely to be overpriced in May, when it hit an all-time high. However, he expects it to be underpriced now.
Ethereum supply shock is one of the possible factors that is helping ETH to hold at the recently regained high above $3,000 as it signifies that overall decline of the liquid ETH supply on exchanges with the recent ETH coins burned after the London hardfork added to that.
Ethereum supply shock well and truly at all time highs.— Willy Woo (@woonomic) August 10, 2021
Looks like the market overpriced it in May but is probably underpricing it July / August. pic.twitter.com/PIUKN6DLv9