Ethereum (ETH)Exchanges & BrokersNews

Whale Closes Up Ethereum Long To Secure Profits

Whale activities since last year sparked an uproar on social media, especially Twitter. Not surprising since handles like Whale Alert shares some interesting details about massive holders of crypto through the platform. The crypto space are already witnessing some unusual asset movement which could signify that whale transfers.

Also, Bitfinex continually speaks on its Ethereum market known as the long through the same platform. The firm also shared some inside information like the longs that still in its market. 2020 saw some massive inflow of longs which could suggest the increased demand in Ethereum. Presently, ETH is one of the largest cryptocurrencies in the world which makes it an easy option for retail and heavy buyers.

Large inflow of longs led to closure

The influx brought some controversies, where some claimed that the figures were false. At the end, analysts explained that the statistics were true and encouraged new investments. A whale created the long opening which the firm eventually shared its feed to its Twitter followers. Not long after its opening, the whale started closing the position. The position which is worth almost $2 billion on the exchange faces the closure in current times which is linked to the term ‘claim’.

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Bitfinex explains the term as money borrowed is given back to who lender it on the platform. Interestly, the whale opened the position early last year, this means that the whale already foresaw a price increase since that time. Then, Ethereum was around $200 as opposed to early 2021 where it now over $1000 in value. From that simple analysis and the size of the position, the whale gained immensely within the one year period. At this time, most Ethereum traders are bullish and expecting more gains based on Alex Krüger’s explanation.

Alex Krüger explains CME futures

The community analyzed how CME futures for ETH could positively or negatively change the market. The CME firm decided to take a chance on ETH futures after successfully making BTC’s, making indirect investors benefit from that digital asset.

The financial expert explained how people only remember BTC futures launching and crashing that day, but failed to remember how the futures helped it pricing. He opined that the futures increased the price from $6,000 to $20,000 and the crypto faced more than 200% increase in months. He reported that the futures are very bullish and would help the Ethereum market.

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Also, some pointed out the short period in which ETH grew by more than 300% since this time last year and opined that the futures are ineffective in such as structure. Also, Bitcoin advocate, Michael Novogratz opined that Bitcoin could face price corrections soon which would led to decrease in price.

The cryptocurrency grew at an alarming rate, hitting new records every week and there are still some possible signs it will rise. The market is presently bullish, especially since institutional investors dominate the market now, waiting for a larger increase before selling it off because of a possible price correction. Presently, it’s almost impossible to predict the next value of BTC.

Adebayo Owotunse (Nigeria)

Adebayo Owotunse is a versatile writer who has written hundreds of crypto articles for dozens of agencies across the years. He is now also the newest addition to the Tokenhell writers team.

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