Ethereum (ETH) prices continue to fluctuate, accompanied by noteworthy market activities. This article reviews key metrics and strategies from major traders.
Strategic Shifts by Major Traders
A prominent Bitcoin holder executed significant changes to his Ethereum exposure. He unwound around 95,053 ETH positions worth $450 million at average exit prices of about $4,735, realizing net profits of $33 million. After unwinding, he shifted to the spot market, acquiring 23,575 Ethereum for about $108 million. Currently, he still holds a large long position of 40,212 Ethereum in futures worth around $184 million, with unrealized gains exceeding $11 million. These trades indicate repositioning rather than merely closing out his stance in the market.
Surge in Ethereum Derivatives Volume
Ethereum derivatives data suggest considerable shifts in the market makeup. The token's trading volume surged 145.46% to hit $199.89 billion. This sudden increase typically reflects high trading activity, signaling either speculative moves or hedging. However, alongside the volume spike, the open interest in Ethereum derivatives decreased by 3.31%, now standing at $66.77 billion, indicating that traders are closing more positions than they are opening.
Mixed Sentiment from Liquidations and Ratios
Recent liquidation data also sheds light on trader sentiment. A total of $295.05 million in Ethereum liquidations occurred in the last 24 hours. Longs accounted for $205.05 million and shorts for $90 million. This disproportionate share of liquidations on the long side suggests that many traders might have been caught off-guard by recent price volatility. Despite this, the global long/short ratio stands at 0.9417, indicating a slight short bias.
In conclusion, the current situation in the Ethereum market showcases activities of both large traders and the overall state of derivatives. The market remains volatile, which may impact future strategies of participants.
