- An increase in the amount of ETH has been purchased by Crypto Exchange Bybit, a positive sign for the market.
- The derivaten market is a better reflection of possible ETH movement, which is now positive.
Ethereum [ETH] has started showing bullish tendencies on the market. In the last 24 hours it has actively stated 3.79%, which reflects this market movement.
Based on the current market trend – the recent Bybit – purchase of ETH in addition to increased derivatives market purchase activity – it could actively restore its weekly loss of 17.84%.
Bybit’s purchase of ETH is Bullish
Recent data from Lookonchain showed that the cryptocurrency Exchange Bybit has started buying ETH for the past 24 hours.
During this period, a total of $ 297 million was purchased from ETH in two movements. In the first, the stock market bought 36,893 ETH at $ 2,711, worth around $ 100 million.
In the second phase – Twice the size of the first purchase – bought 71,755 ETH worth $ 197 million by Bebit.
Source: Lookonchain
Usually, when a large entity performs a series of return as it performs, it indicates a bullish for ETH, which is clear in its price increase of 3.79% in the last 24 hours.
This purchase of Bybit followed, however, the largest crypto -hack in history, in which more than 490,000 ETH worth $ 1.46 billion was stolen from stock exchanges.
Spotmarkt activity shows again in balance
There has been an increase in certain important statistics that would usually suggest a bearish scenario. In this case, however, they can indicate that the market will regain the balance after the hack.
Since the beginning of February, the overall available ETH has fallen sharply from 19.7 million to a press value of 18.5 million.
A decrease in exchange reserves is generally bullish for the active demand, while an increase in Bearish would be.
In the last 48 hours, however, there has been an increase in the available ETH on exchanges, risen from 18.509 million to 18,566 million.
This would usually indicate a bearish trend, but given the recent ETH outflow of $ 1.46 billion, this suggests that the market stabilizes instead of weakening.
Source: Cryptuquant
Similarly, exchange rate instromas, which indicate how much ETH is being moved to exchanges, has increased by 18,984 of which may indicate a sale.
Similar to the exchange reserves, however, this seems to be part of a market in balance. In particular, a huge outflow of more than 457,000 ETH took place on the 21st, the largest since the 478,000 ETH outflow in June 2023.
To determine whether the market is really bullish or bearish, a better approach is to analyze the derivatives market.
The derivaten market buys
The Derivatenmarkt offers a clearer picture of market sentiment. Currently, the financing rates and open interest rates have become bullish, which means that despite the recent hack traders open long positions.
At the time of writing, the financing percentage over all stock markets on cryptoquant moved to Bullish Territorium, with a speed time reading of 0.0020.
A positive financing rate suggests that traders have faith in their long positions and pay a premium to maintain the price difference between the spot and derivatives markets.
Source: Cryptuquant
Open interest, which follows the total amount of restless derivative contracts, has also risen by 10.33% to $ 16.38 billion in the last 24 hours.
Combined with an enormous increase in purchase volume on the derivatives market, this suggests that most restlessly derived contracts are probably positions.
In general, despite the hack, ETH remains in a bullish phase, and the closely part of the derivatives market that can offer the next step further clarity.