2 November 2024
Crypto Whales Bought $1.7B Worth of Ethereum Futures
Ethereum has witnessed a large fall in recent months, but still, there are predictions that ongoing Ethereum (ETH) network development will favor the asset’s price in the future.
The recent purchase of ETH futures by investors indicates that they are prepared to profit from a potential Ethereum surge.
As per Crypto Quant data which was released by researcher Kate Young Ju states that on-chain activity suggests Ethereum whale has bought ETH futures contracts worth $1.7 billion within an hour.
In the past seven months, this is the biggest hourly volume acquisition for Ethereum future contracts. The value of Ethereum futures is derived from Ethereum and refers to contracts to buy or sell ether at a later time.
According to the recent action of Ethereum whales, the asset’s recent rebound is gaining steam and may plan to continue. Currently, it was up around 48% over the previous seven days and was trading at $1,500 while Bitcoin saw a surge of 19 percent within the same period.
The purchase of the Ethereum futures contract supports the recent increase in whale behavior. Usually, the ETH whales escalate their hoarding behavior after a modest start in mid-to-late June, reaching over 20% as of July 18.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice
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