Someone Bought $1.7 Billion Worth of ETH Futures Contracts in an Hour: Analyst
20 Jul, 2022•1 min read•Analytics
Ethereum continues increasing in value as the cryptocurrency charts another 4% on the day and currently sits at $1,600. It appears that whales are stepping in for ETH, and someone is making particularly large purchases.
CryptoPotato recently reported that ETH whale addresses are also on the rise in the spot markets – these are entities holding between 1K and 100K ETH. They saw a sharp increase in the past few w weeks after bottoming in May. The cryptocurrency is up around 60% in the past week – an increase that came after a member of the Ethereum Foundation – Tim Beiko – revealed a timeline that placed the Ethereum 2.0 Merge to happen on September 19th, barring unforeseen circumstances and under a ‘soft’ schedule.