The lack of large transactions does not necessarily mean that one is not interested. On the contrary, it suggests that whales may be searching for better entry points for accumulation
The lack of large transactions does not necessarily mean that one is not interested. On the contrary, it suggests that whales may be searching for better entry points for accumulation.
At the same time, if the value of counterfeit coins drops, the proportion of losses suffered by ETH holders may increase. As of press release, the daily profit trading volume on the chain is 330000 transactions. On the other hand, the daily loss in online trading volume was 511000 transactions.
Ethereum's transaction volume exceeded $100000, reaching its lowest level since 2023
- Traders are bearish on the short-term price trend of ETH
According to Santiment's latest news, the number of Ethereum [ETH] transactions worth over $100000 hit a new low in 2023. Whenever something of this scale occurs, it means that the relevant group is not excited about the short-term prospects of the relevant cryptocurrency.
Pay attention to the appropriate season
On the contrary, Santiment argued in a tweet on September 18th that in terms of ETH, the situation is different. According to data from on chain analysis platforms, the lack of large transactions does not necessarily mean that one is not interested.
On the contrary, it indicates that whales may be very patient and looking for better ways to accumulate.
Address balance further strengthens this development.
As of the time of writing, the balance of Ethereum addresses holding between 10000 and 10 million tokens has been shattered. The decrease in balance means that many whales have already fulfilled some of their positions.
In addition, since profit taking, whales have no longer raised funds.
The number of whales in the same group also has a similar situation. According to Santiment's data, the number of addresses holding 10000 to 10 million ETHs has either remained unchanged or decreased since June.
Can't you see any signs of relief?
Interestingly, in terms of the next direction of ETH, traders also seem to have reached an agreement with Whales. This conclusion is based on the funding rate as of the time of publication.
The fund rate is a periodic payment between long and short positions.
When the funds interest rate is positive, it means that bulls are paying funds to bears to keep their contracts open.
In this situation, the average sentiment of the trader is bullish. However, negative funding rates mean that market sentiment is bearish, with short positions dominating.
As of the writing of this article, ETH's fund rate has fallen into the negative range. This means that traders expect ETH to fall below $1640 in the short term.
Regardless of reality or not, this is the ETH market value calculated in BTC
These two indicators display the total amount of tokens/tokens that a given asset generates profits or losses over a period of time in all transactions on the network.
In the current situation, short-term holders of ETH may have no choice but to wait for the relief period. For those who cannot tolerate another decline, they may ultimately suffer losses.
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