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According to the popular blockchain sleuth Whale Alert, cryptocurrency whales have transferred over $1 billion worth of Ethereum (ETH) in about ten transactions. This occurred while Ethereum has been fixed above the $3,100 level. However, there has been a rising open interest for Ethereum perpetual swaps that seem to ascertain an upward ETH movement, according to the current analytics data.

ETH Hits $8 billion

Following the chart disseminated by the IntoTheBlock data vendor, it indicates that the open interest for Ethereum-based perpetual futures has risen to $8 billion degrees for the first time since May. This measurement demonstrates the cost of outstanding ETH contracts in US Dollars. The Ethereum rate is rising concurrently with the OI value and is inclined to confirm an upside trend for the second-largest currency.

Whales Move $1.4 Billion in ETH 

During these last twenty-four hours, the holders of enormous percentages of Ether have done twelve huge trades with this coin. Each carrying an average of $30,000 and totalling from $70 million to over $100 million, and this amounted to 448,000 ETH worth $1,409,089,920. Through the weekend, the second-biggest crypto by market cap, Ethereum, rebounded to recapture its 3,000 level last seen in May, before and after the all-time high of $4,362 reached on May 12. It is rising, and as of now, Ethereum is trading at $3,150 per coin. 

Ethereum Supply Shock Reaches All-Time-High

Willy Woo, a crypto trader and analyst,  shared a chart showing an Ethereum supply shock reaching an all-time high. He explains that the second-biggest crypto was inclined to be overpriced in May. However, he predicts that it would be underpriced now. Ethereum supply shock is one of the apparent factors helping ETH to hold at the newly saved high above $3,000 as it indicates the overall decline of the liquid ETH supply on trades with the recent ETH coins burned after the London hardfork enhanced it.

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Alicia Maher

By Alicia Maher

Alicia Maher is an accomplished news writer with a passion for storytelling. With years of experience in the field, she is skilled at delivering accurate, engaging, and insightful news coverage to her audience.