分析师舒琴
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ETH has surged! Is the big player accumulating or escaping the peak? This is really important!
The chart shows the change in Ethereum's supply on exchanges. On the right side, the blue line indicates that the supply of ETH is indeed slightly decreasing, which means someone is buying ETH on the exchange and then transferring it to their cold wallet. The decrease in exchange supply is a buying signal.
However, to be objective, this buying pressure is too small. Just look at the left side during the bear market when big players were frantically accumulating, the exchange supply was nearly halved; that was the big players hoarding coins. Currently, the net buying is not that much; the surge in ETH is more due to what we mentioned the day before yesterday, where futures shorts were liquidated, and large capital was creating a short squeeze.
When shorts are liquidated, they need to buy back the coins they shorted, which pushes the price up. The rising price will cause more shorts to be liquidated, further pushing up the price and resulting in a death spiral for shorts, which is the short squeeze, rising very, very quickly. This is not caused by rapid buying; very few people would irrationally chase after a 30% rise, so it is more due to the short squeeze, and on-chain data supports this view.
Therefore, my view on ETH is that it is a wave, doing everything possible to explode the short positions, and once the shorts are exhausted, there may be a significant correction.
However, one situation is that after the surge in ETH, it may mobilize retail investors' emotions, potentially leading to a real buying wave aside from the short squeeze. This is long-term and healthy; there are currently some, but really not too many. However, Shu Jin will keep an eye on ETH's on-chain performance, and everyone remember to follow me~
The chart shows the change in Ethereum's supply on exchanges. On the right side, the blue line indicates that the supply of ETH is indeed slightly decreasing, which means someone is buying ETH on the exchange and then transferring it to their cold wallet. The decrease in exchange supply is a buying signal.
However, to be objective, this buying pressure is too small. Just look at the left side during the bear market when big players were frantically accumulating, the exchange supply was nearly halved; that was the big players hoarding coins. Currently, the net buying is not that much; the surge in ETH is more due to what we mentioned the day before yesterday, where futures shorts were liquidated, and large capital was creating a short squeeze.
When shorts are liquidated, they need to buy back the coins they shorted, which pushes the price up. The rising price will cause more shorts to be liquidated, further pushing up the price and resulting in a death spiral for shorts, which is the short squeeze, rising very, very quickly. This is not caused by rapid buying; very few people would irrationally chase after a 30% rise, so it is more due to the short squeeze, and on-chain data supports this view.
Therefore, my view on ETH is that it is a wave, doing everything possible to explode the short positions, and once the shorts are exhausted, there may be a significant correction.
However, one situation is that after the surge in ETH, it may mobilize retail investors' emotions, potentially leading to a real buying wave aside from the short squeeze. This is long-term and healthy; there are currently some, but really not too many. However, Shu Jin will keep an eye on ETH's on-chain performance, and everyone remember to follow me~
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.