ETH rose above $3,300 after a mostly positive day for the crypto market. The token continues to see inflows from whales, as well as large purchases from Bitmine.
ETH continues to see interest from large players, including whales, in both the spot and derivatives markets.
ETH rebounded late on Tuesday after unwinding positions above $3,300 in a short squeeze. |Source: Coin Gecko
ETH has rebounded above $3,200 after a day of rebuilding short liquidity following a short squeeze. The token continued to expand to $3,342.21. The last price movement resulted in $36.3 million in long-term liquidations in the past 24 hours, nearly 50% of which took place on Binance.
The latest price action marked a rapid return to speculation as traders opened new positions at the same time the token showed signs of directional movement. Open interest jumped from $17.6 billion to $18.5 billion in a short period of time. However, traders have opened new positions on the short side, suggesting the rally may be short-lived.
Bitmine has $1 billion to buy more ETH
Bitmine has bought even more ETH over the past week and put the money into $12.05 billion.
After adding over $138,000 of ETH last week, the treasury has $1 billion left to buy more. Bitmine expanded its holdings by 13.8% last month and resumed more frequent purchases in December.
Although the treasury firm slowed down its purchases, it still added more ETH to its December balance. BMNR stock responded by rebounding from its lows, rising to $38.60, near the midpoint of its range over the past few months. BMNR has secured funding and is one of the predictable buyers of ETH.
Super liquid whale goes long ETH
Hyper Liquid Whale has also acquired a notable position in ETH and is currently holding huge unrealized gains.
1011 Whale, known for shorting BTC just before the October selloff, increased his unrealized gains from $3 million to more than $18 million. of whale I continue to pay over $100,000 in fees to maintain my position and have not exited the trade to take profits.
According to on-chain data, Whale currently holds the largest long position on HyperLiquid with a notional amount of $269 million.
Hyper-liquidity whales continue to grow unrealized gains from aggressive long positions. |Source: Coin Glass
The second position was built by an “anti-CZ” whale and was valued at $174 million with unrealized gains of over $6 million. In third place is the old whale, who has quickly eaten into ETH and is sitting on $1.6 million in unrealized gains. Machi Big Brother, another notorious hyperliquid trader, also increased ETH long position.
The recent rally has wiped out most of the available ETH short liquidity, leaving very few positions up to $3,400. ETH has accumulated a long position of just over $3,000, so a reversal could occur after the short squeeze. At the current price range, ETH holds the $3,000 support level in addition to the $2,800 range, which is the cost base of multiple whales.
The ETh Fear and Greed Index recovered from 51 points to 66 points within a few hours, indicating a rapid change in sentiment.
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