- Hold onto your wallets, folks! Bybit is on a shopping spree for ETH, and it’s looking good for the market! 🎉
- Forget crystal balls; the derivatives market is the real fortune teller for ETH’s future, and right now, it’s saying “cha-ching!” 💸
Ethereum [ETH] is strutting its stuff with some bullish vibes! In the last 24 hours, it’s up 3.79%—that’s like finding a $20 bill in your winter coat! 🧥💵
With Bybit’s recent ETH haul and a flurry of derivative market activity, it looks like ETH might just shake off that pesky 17.84% weekly loss. Talk about a comeback! 💪
Bybit’s ETH Shopping Spree: Bullish or Just Bull? 🐂
According to our friends at Lookonchain, Bybit has been busy buying ETH like it’s going out of style. In just 24 hours, they snagged a whopping $297 million worth of ETH in two big splashes. 💦
First, they picked up 36,893 ETH at $2,711, which is about $100 million. Then, they went for round two—71,755 ETH for $197 million. Someone’s got a serious shopping list! 🛒
When a big player like Bybit makes moves like this, it usually means they’re feeling bullish about ETH. And with a 3.79% price bump, it seems they might be onto something! 📈
But wait! This buyback comes right after the largest crypto hack in history, where over 490,000 ETH (worth $1.46 billion) was swiped from exchanges. Yikes! 😱
Spot Market Shenanigans: Is It a Bear or a Balance? 🐻⚖️
Some key metrics are flashing red, suggesting a bearish scenario. But hold your horses! This might just mean the market is finding its footing after the hack. 🐴
Since February kicked off, the available ETH on exchanges has plummeted from 19.7 million to 18.5 million. Less ETH on exchanges? That’s usually a good sign! 📉
But in the last 48 hours, available ETH has crept up from 18.509 million to 18.566 million. This could signal a bearish trend, but given the recent $1.46 billion ETH outflow, it looks like the market is stabilizing. Phew! 😅
Exchange net inflows are also up by 18,984, which could mean a sell-off is brewing. But just like a good plot twist, this might be part of a market rebalancing act. 🎭
Remember that massive outflow of over 457,000 ETH on the 21st? Yeah, that was the largest since June 2023. Talk about drama! 🎬
To really figure out if the market is feeling bullish or bearish, we need to peek into the derivatives market. 🔍
Derivatives Market: The Real MVP! 🏆
The derivatives market is like the cool kid in school who knows all the gossip. Right now, Funding Rates and Open Interest are looking bullish, which means traders are feeling optimistic and opening long positions. Go team! 🎉
As of now, the Funding Rate across all exchanges on CryptoQuant is sitting pretty at 0.0020. A positive Funding Rate means traders are confident and willing to pay a premium to keep their long positions. 💪💰
Open Interest, which
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2025-02-23 17:16