- Insight from IntoTheBlock reveals that Saturday’s Ether (ETH) inflow of 140,660 ETH was its highest since January.
- Nansen Intelligence data shows increased inflows to ETH over the past week, recording a net flow of 81,840 ETH on May 21.
- CryptoQuant explained that this surge stems from traders’ increased exposure to ETH, resulting in the largest daily spot buying from ETH holders in 2024.
Discover the latest developments in Ethereum as record inflows and buying activity signal potential price surges. Stay informed with expert insights and data-driven analysis.
Record Inflows and Market Activity Signal Potential ETH Price Surge
Insight from IntoTheBlock reveals that Saturday’s Ether (ETH) inflow of 140,660 ETH was its highest since January. The on-chain data provider noted that these high inflows to exchanges often signal sell pressure, with investors either taking profits or reacting to market fears.
Increased Buying Activity and Market Dynamics
Nansen Intelligence data shows increased inflows to ETH over the past week, recording a net flow of 81,840 ETH on May 21. On the same day, CryptoQuant’s on-chain analysis reported increased buying activity on centralized and blockchain-based exchanges. Over 100,000 ETH were purchased in spot markets, a record high since September 2023.
Surge in Ether-Traded Futures and Options
Moreover, open interest in ether-tracked futures has surged to a record $14 billion, accounting for 67% of Bitcoin open interest. Activity at the Chicago Mercantile Exchange saw ether futures trading hit a record notional $2.85 billion on Tuesday. Similarly, Ether options traded a record 1,135 contracts, valued at $216 million.
Conclusion
CryptoQuant explained that this surge stems from traders’ increased exposure to ETH, resulting in the largest daily spot buying from ETH holders in 2024. Ether’s market performance has largely been influenced by the excitement surrounding the approval of spot Ethereum ETFs. Based on data from Coincodex, ETH trades at $3,869 during press time, signifying a 0.07% intraday rally. Despite modest gains post-approval, the move toward the $4,000 mark is seen as a notable development. Furthermore, crypto expert Jelle remarked that Ether had completed an extensive accumulation phase. Following the green light on spot Ethereum ETFs, the pseudonymous analyst believes ETH’s price is set to rise significantly.
