Main navigation

Crypto Whales Move $1 Billion in Ethereum, While ETH Open Interest Soars to $8 Billion

News
Tue, 08/10/2021 - 12:23
article image
Yuri Molchan
Large wallets shift over $1.4 billion worth of Ethereum as ETH perpetual OI soars and ETH keeps holding at the recent high
Crypto Whales Move $1 Billion in Ethereum, While ETH Open Interest Soars to $8 Billion
Cover image via stock.adobe.com
Read U.TODAY on
Google News
Contents

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.

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.

Related
VanEck Files for “Bitcoin Strategy ETF”, SEC Chair Says It’s Likely to Be Approved

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.

article image
About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.