A huge amount of Ethers (ETH) has been transferred to derivatives markets in the past few hours. According to the confirmed creator of CryptoQuant, this usually indicates a decline or at the very least, heightened volatility.
82,000 Ethers (ETH) on their way to exchanges, expect volatility
Derivatives exchanges saw a record-breaking influx of liquidity from Ethereum (ETH), the second-largest cryptocurrency. More than 82,000 Ethers (ETH) were transferred to the trading services of crypto contracts today, Nov. 5, 2024. The confirmed creator of CryptoQuant, @3AMRTAHA_ on X, supplied these estimates.
This enormous transfer is equivalent to more than $200 million. According to CryptoQuant statistics, this is the largest ETH influx to derivative exchanges in months.
The analyst remembers that the price of Ethereum (ETH) saw a decline or increased volatility in the past due to significant netflows.
This influx might be an indication of a possible decline when combined with the attitude of the Ethereum (ETH) community.
As previously reported by U.Today, whale transfers are increasing for DOGE, SHIB, and XRP today. These kinds of swings also hint at possible instability in the altcoin market.
ETH/BTC routinely hits new low
The biggest cryptocurrency, Bitcoin (BTC), is outperforming Ethereum (ETH) in current cycle. Ethereum (ETH) is still having trouble reaching $2,500 levels, while the orange currency is trying to reach levels comparable to the March 2024 ATH.
The ETH/BTC ratio is attempting to reach a new multi-year low amid the recent BTC rise above $70,000. It hit 0.035 today, the lowest since March 2021, according to TradingView.
The price of Ethereum (ETH) has dropped 58.3% from its peak in late Q4 2021, according to this important indicator. In contrast, the dominance of Bitcoin (BTC) is increasing to unprecedented levels.
