Ethereum Tumbles To 10-Month Lows As Sell-Offs Intensifies
12 Maio 2022 - 02:00PM
NEWSBTC
Ethereum has been on a downward trend with the rest of the market.
Most notable though had been the movement of the digital asset in
the last 24 hours. Ethereum which had been holding up above the
$2,000 level had finally succumbed to pressure from bears. This saw
it lose about 20% of its value in a day and had effectively pushed
it back toward the $1,600 level. The push behind this remains the
same; massive sell-offs. Ethereum Investors Want Out Investors in
the second-largest cryptocurrency by market cap, Ethereum, have
been rapidly liquidating their holdings in the last week. This has
been a long time in the making but no one could have truly
anticipated how bloody the market would get. Following the leading
cryptocurrency, Bitcoin, the value of Ethereum has plunged
significantly but even more interesting is the amount of sell-offs
that are causing the digital asset’s price to crash. Related
Reading | Bitcoin Selloff Provides Boost To Miner Fee Revenues
Ethereum’s exchange inflow has now touched a three-month high. It
indicates that investors are liquidating their holdings as fast as
they can. The exchange inflow volume on a 7-day moving average for
ETH now sits at $38,873,883.27, beating the previous three-month
high that had been recorded on May 5th, 2022. On a daily basis,
this number has also exceeded expectations and continues to rival
outflows. Glassnode reports that ETH daily inflows and outflows
currently sit at $1.6 billion each, with a positive net flow of
$30.8 million, meaning that inflows remain ahead of outflows.
Elsewhere, traders are taking the same decisions as investors
holding the digital asset. Liquidations have been on a high lately
with Coinglass reporting that Ethereum liquidations have touched as
high as $350 million in a single 24-hour period. Ethereum
falls below $2,000 | Source: ETHUSD on TradingView.com This is also
mirrored by the ETH futures market. The liquidations in this part
of the market have now reached a new six-month high on leading
crypto exchange Binance. The previous six-month high had been
recorded at $3,882,796.27 but presently, this number sits at
$4,393,678.09 as observed by Glassnode. Even More Bad News Ethereum
indicators show signs of a bear from all angles. The amount of
supply last active on a 24-hour moving average is reported to have
reached a new 5-month high, currently sitting at 1,083,569.884 ETH
active on the last day. This indicates that investors are moving
more of their ETH, presumably to exchanges to sell off. Related
Reading | Bitcoin Funding Rates Remain Unmoved Despite Plunge
To $30,000 Open interest in perpetual futures contracts is also
reported to have reached a new 9-month for the digital asset on
Bybit and a 19-month low in Bitmex. The digital asset continues to
trade in the red. At the time of this writing, ETH is trading at a
price of $1,900. It’s currently sitting at a total market cap of
$229 billion, the lowest it has been in 10 months. Featured image
from CYBAVO, chart from TradingView.com
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