Ethereum Traders Are Flooding Binance: Here’s What It Means
The post Ethereum Traders Are Flooding Binance: Here’s What It Means appeared on BitcoinEthereumNews.com. Ethereum open interest on Binance jumped 41% in 30 days, highlighting increased futures activity and institutional involvement. Major ETH outflows from exchanges suggest reduced sell pressure and growing long-term holder confidence. There is something interesting about Ethereum’s recent movement and it’s not just about the drastic price increase. According to CryptoQuant, in the last 30 days, Ethereum’s open interest (OI) on Binance has skyrocketed from $3.6 billion to $5.1 billion, a 41.6% jump. Source: CryptoQuant Binance, which now holds around 30% of the total global Ethereum OI (around $17 billion in total), has once again shown its position as a major player in the crypto derivatives arena. But wait, this increase is not just about numbers. It implies something much deeper that the increase in ETH’s price is not just due to spot market euphoria. There is a big push from the futures market that supports it. If we look at the price of ETH, in the last 30 days its value has skyrocketed by 49.07% and swapped hands at about $2,669.23. But not only that, this increase is accompanied by dense volume and positions that appear to be driven by institutional players. Ethereum Exchange Flows Reveal Bullish Accumulation Trend Furthermore, data from CoinGlass shows that there is an interesting pattern in the flow of Ethereum on major exchanges. Bitfinex recorded the largest ETH outflow, around $80.37 million. Coinbase followed with $43.26 million, then OKX with $20.90 million. This indicates one important thing, where many investors are withdrawing ETH from trading platforms, likely to store in personal wallets or use in DeFi protocols. Source: CoinGlass What if someone withdraws money from their bank account and stores it in a personal vault, it usually means they don’t want to sell anytime soon. The same thing happened here. When ETH exits the exchange,…
The post Ethereum Traders Are Flooding Binance: Here’s What It Means appeared on BitcoinEthereumNews.com.
Ethereum open interest on Binance jumped 41% in 30 days, highlighting increased futures activity and institutional involvement. Major ETH outflows from exchanges suggest reduced sell pressure and growing long-term holder confidence. There is something interesting about Ethereum’s recent movement and it’s not just about the drastic price increase. According to CryptoQuant, in the last 30 days, Ethereum’s open interest (OI) on Binance has skyrocketed from $3.6 billion to $5.1 billion, a 41.6% jump. Source: CryptoQuant Binance, which now holds around 30% of the total global Ethereum OI (around $17 billion in total), has once again shown its position as a major player in the crypto derivatives arena. But wait, this increase is not just about numbers. It implies something much deeper that the increase in ETH’s price is not just due to spot market euphoria. There is a big push from the futures market that supports it. If we look at the price of ETH, in the last 30 days its value has skyrocketed by 49.07% and swapped hands at about $2,669.23. But not only that, this increase is accompanied by dense volume and positions that appear to be driven by institutional players. Ethereum Exchange Flows Reveal Bullish Accumulation Trend Furthermore, data from CoinGlass shows that there is an interesting pattern in the flow of Ethereum on major exchanges. Bitfinex recorded the largest ETH outflow, around $80.37 million. Coinbase followed with $43.26 million, then OKX with $20.90 million. This indicates one important thing, where many investors are withdrawing ETH from trading platforms, likely to store in personal wallets or use in DeFi protocols. Source: CoinGlass What if someone withdraws money from their bank account and stores it in a personal vault, it usually means they don’t want to sell anytime soon. The same thing happened here. When ETH exits the exchange,…
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