Someone is buying huge amounts of Ethereum and nobody knows why
Ethereum Owning
Modified Date:- Published Date:-Categories: Cryptocurrency
Someone is buying huge amounts of Ethereum and nobody knows why
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Huge Ethereum buying volume appeared on the ETH/USD pair on Binance and another centralized exchange, indicating that an unnamed whale or large investor was ready to acquire as much ETH as possible at a price of $1,228. First and foremost, general purchasing power should at least in some way reflect on Ethereum's price performance, but according to the chart.
The asset has not moved in the slightest, which suggests that there is a massive buy-in by either massive selling or shorting. The imbalance between buy and sell orders was at peak levels, so almost no buying power injected into the market would cause a rise in the value of Ethereum unless the larger institutions decided to return to the market.
But despite the lack of market volatility, such a huge inflow of funds suggests that there are few buyers left who will get exposure to the digital asset while it is undervalued. If the bulls lose the battle against the bears and the second-largest crypto asset in the market pulls back, the anonymous trader will have to sell his bulky buys, which could be problematic given the current lack of liquidity.
At press time, a large portion of the cryptocurrency market remains under heavy pressure, with seven coins out of the top 10 by market capitalization losing from 0.5% to 6% of their value. As of now, Ethereum trades at $1,224.
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