分析师舒琴
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Don't say I didn't tell you, there are big players entering ETH!
While retail investors are struggling with the price drops every day, the total open interest for ETH contracts across the network has already surpassed the historical high, reaching 10 million ETH. It looks like big players are continuously accumulating in the process of the drop to gather chips from retail investors.
In terms of spot trading, the trading volume of ETH on Binance has already exceeded that of BTC, which is very rare, as the market cap of ETH is still less than 20% of Bitcoin's. However, the trading volume has surpassed, indicating that many people are buying ETH.
ETH has been consolidating at the bottom for almost a month, and a full-scale rebound shouldn't be too far off. Any short-term pullbacks are good buying opportunities. I believe that when ETH really starts to rise, it will be very strong because most people are stuck at prices above 3000 and are unwilling to sell at a loss. Currently, those who are not selling are diamond hands, while weak hands have already been shaken out. Therefore, at least until ETH rebounds to 3000, there shouldn't be too much selling pressure.
On the other hand, for Bitcoin, most people's chips are around 90,000 this year. Now BTC is at 85,000, and with just a 10% rise, many people will break even. I think the upward potential is far less than that of ETH.
While retail investors are struggling with the price drops every day, the total open interest for ETH contracts across the network has already surpassed the historical high, reaching 10 million ETH. It looks like big players are continuously accumulating in the process of the drop to gather chips from retail investors.
In terms of spot trading, the trading volume of ETH on Binance has already exceeded that of BTC, which is very rare, as the market cap of ETH is still less than 20% of Bitcoin's. However, the trading volume has surpassed, indicating that many people are buying ETH.
ETH has been consolidating at the bottom for almost a month, and a full-scale rebound shouldn't be too far off. Any short-term pullbacks are good buying opportunities. I believe that when ETH really starts to rise, it will be very strong because most people are stuck at prices above 3000 and are unwilling to sell at a loss. Currently, those who are not selling are diamond hands, while weak hands have already been shaken out. Therefore, at least until ETH rebounds to 3000, there shouldn't be too much selling pressure.
On the other hand, for Bitcoin, most people's chips are around 90,000 this year. Now BTC is at 85,000, and with just a 10% rise, many people will break even. I think the upward potential is far less than that of ETH.
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