Recent data from Binance shows that the prices of Bitcoin (BTC) and Ethereum (ETH) have increased significantly, with BTC above $72,000 and ETH above $3,600.
The price spike coincides with a surge in activity on the network, with liquidations totaling $148 million in the past 24 hours, $103 million of which is accounted for by short positions.
Binance shows BTC breaking above $72,000 and ETH breaking above $3,600. In the past 24 hours, across the network he has experienced $148 million in liquidations, of which short positions have been liquidated for his $103 million.
— Wu Blockchain (@WuBlockchain) April 8, 2024
According to CoinShares, inflows into the digital asset investment market remain strong, with a record $646 million flowing into investment products in the last week alone. Total inflows this year reached a record high of $13.8 billion.
According to CoinShares, $646 million flowed into digital asset investment products last week. Total inflows this year reached a record high of $13.8 billion. Bitcoin inflows reached $663 million, but Bitcoin short-term investment products experienced outflows…
— Wu Blockchain (@WuBlockchain) April 8, 2024
Bitcoin saw inflows of $663 million, while Bitcoin short investment products experienced outflows for the third consecutive week, totaling $9.5 million. Similarly, Ethereum saw $22.5 million in outflows for four consecutive weeks.
As the price of Ethereum soars, on-chain data suggests massive buying activity by whales. Spotonchain data revealed that two whales recently spent a total of $35.11 million on the stablecoin to acquire 10,322 ETH, pushing the price above $3,400.
whales are buying $ETH With a chain!
In the last 14 hours, the two whales purchased a total of $35.11 million in stablecoins and 10,322 coins. $ETHallegedly inflated the prices of the following to more than $3,400:
1. 8 wallets (probably 1 entity) spent 20.86 million $USDT buy 6,145 $ETH ~$3,395 in the last 9 years… pic.twitter.com/jatHgGkKhA
— Spotonchain (@spotonchain) April 8, 2024
Whale accumulates large amount of Ethereum ETH
One entity, represented by eight wallets, invested $20.86 million in USDT and purchased 6,145 ETH. Meanwhile, another whale identified as 0x5e9 invested $14.25 million in DAI to purchase 4,178 ETH. Notably, 0x5e9 had previously realized profits of $7.48 million from trading ETH and WBTC.
of $ETH The price has rebounded sharply by about 4% in the past two hours and is now above $3,500.
During this period, the system detected two additional whales, 0x666 and 0x435, for a total of 11,657 whales captured. $ETH (from $40.28 million) #Binance ~$3,455!
to follow @spotonchain and set the alert $ETH Well… https://t.co/Tz4or4Pzc0 pic.twitter.com/ZoVXTtDWZq
— Spotonchain (@spotonchain) April 8, 2024
Additionally, two more whales, 0x666 and 0x435, withdrew a total of 11,657 ETH ($40.28 million) from Binance at approximately $3,455 per ETH.
On the other hand, Abraxas Capital Management seized the opportunity during the ETH pullback period and made a profit of $5.09 million.
Abraxas Capital Mgmt Ryo Ichiha $ETH 509 Wanmikin👊🏻
This mechanism is available from 04.03 to 04.08 ETH circulation period from $3347 flat rate #Binance 19808 pieces of ETH, 6629 million good money; now ETH fast reversal to $3600, 6 days for the machine, 5 million good money profit!
Qianbao site https://t.co/kV4rJRJc6S pic.twitter.com/UMMnRdgDkQ
— Ai (@ai_9684xtpa) April 8, 2024
The institution acquired 19,808 ETH from Binance for an average price of $3,347, totaling $66.29 million. ETH quickly recovered to $3,600, and the institution made $5 million in profits in just six days.
Disclosure: This is not trading or investment advice. Always do your research before purchasing any cryptocurrency or investing in any service.
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