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Ethereum on the rise and whale movements in the crypto market

In recent days, Ethereum (ETH) has reached an impressive peak of $3,152, driven by factors such as optimism about spot ETFs and strong institutional demand. This sharp appreciation has prompted significant movements among whales, especially in the exchange of Bitcoin (BTC) for Ethereum.

🔍 Technical terms and relevant data:

- Coinbase Premium Index (CPI): An indicator that compares the price of ETH on Coinbase with that of Binance. A positive CPI indicates strong demand from American investors. Recently, the CPI fell from 0.022 to 0.0063, suggesting that US whales are taking profits and exchanging BTC for ETH.

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- Daily Active Addresses (DAA): An on-chain metric that shows network activity. The negative divergence between the price of ETH and the DAA (currently at -58.2%) indicates that the rally may be driven more by speculative movements from large players than by actual network usage.

- Liquidation Volume: In a recent event, more than $2.22 billion was liquidated in 24 hours, with $605 million in ETH alone. This shows the magnitude of operations involving Ethereum and reinforces the role of whales in market volatility.

🐋 Whales exchanging BTC for ETH:

- The exchange of BTC for ETH has been recorded in large volumes, with whales seeking to capitalize on Ethereum's appreciation potential, especially with the possible approval of ETFs in the US.

- This capital migration may indicate a strategic shift in the market, with Ethereum gaining prominence over Bitcoin.