Category: Cryptocurrency News

Ethereum prices might be stagnant at spot rates, weaving around the $1,540 and $1,560 zone, looking at technical charts. However, amid this period of consolidation and holders worrying about Ethereum’s prospects, Kaiko notes that the coin’s open interest has been gradually rising since September 2023. Ethereum Open Interest Rising: What Does It Mean? As of October 10, Kaiko observes that there are more than 2.2 million contracts, and the number has been rising steadily over the past few trading weeks. With increasing open interest, it can hint that bulls are in the equation, which may support prices now that prices are under immense pressure. In crypto trading, open interest is the total number of outstanding derivative contracts of a given coin. Meanwhile, derivatives are contracts that derive value from the underlying asset, in this case, Ethereum. Herein, the total open interest data is accrued from ETH options, futures, and perpetual futures from platforms where traders can use leverage.  Related Reading: Cardano (ADA) Struggles To Stay Above $0.26: What This Means For Traders There can be different interpretations of open interest depending on the market state. Since open interest includes long and short positions at any time, gauging the directions of how market participants are posting trades can be challenging.  Even so, rising open interest indicates that more traders are opening positions, which can be seen as bullish, especially if prices are expanding. Conversely, falling open interest suggests that traders are exiting, which means waning momentum and bearish sentiment.  ETH Consolidates Even After Ethereum Futures ETF Approval Based on this, Ethereum remains in a critical position and support. Notably, the coin is moving sideways with low trading volumes.  From the daily chart, ETH is around the $1,500 and $1,550 primary support. Though buyers appear to be in control, since prices are boxed inside the June to July 2023 trade range, any break below the support zone may trigger more losses. The general optimism explaining rising open interest could be due to the recent approval of Ethereum Futures exchange-traded funds (ETFs). The United States Securities and Exchange Commission (SEC) approved multiple Ethereum Futures ETFs for the first time.  Related Reading: Here’s Why The Ethereum Price Fell Toward $1,500 This decision saw Ethereum prices edge higher in early October. Though prices have since contracted, institutional investors can now find exposure in Ethereum via structured and regulated products approved by the stringent regulator. It is unclear whether the rising ETH open interest signals strength and if the coin will recover going forward. From the daily chart, ETH has strong liquidation at around the $1,750 level and remains consolidated. Feature image from Canva, chart from TradingView

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A report from the Bitcoin-only exchange River suggests increased Lightning usage will play a key role in Bitcoin becoming a better medium of exchange.

A Brazilian congressional committee alleged . “that Zhao and the other executives have engaged in fraudulent management, offering or trading of securities without previous authorization, and operation of a financial institution without authorization.” Sounds similar to SEC suits within the US for “unregistered securities”, with the exception that Brazil is recommending criminal charges here –…
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On-chain data shows Ethereum whales have sold around 12 million in the cryptocurrency within the past year and have shown no signs of slowing down. Ethereum Whale Holdings Have Been In Constant Downtrend Since 2020 In a new post on X, analyst James V. Straten has discussed how the Bitcoin and Ethereum whales have shown some stark contrast in their behavior. Here is the chart that the analyst has shared, which compares the trends in the holdings of these humongous holders for the two assets over their entire history: How the holdings of the whales differ between the two cryptocurrencies | Source: @jimmyvs24 on X For defining what a “whale” is, the analyst has chosen the 1,000 tokens cutoff for both assets. The graph shows that the holdings of the Bitcoin whales have been in an overall uptrend throughout the asset’s history. Some deviations have been from this upward trajectory, like during the 2021 bull run, where these investors participated in some profit-taking. However, such deviations have only been temporary as the whales have eventually resumed their accumulation. Related Reading: Tether Continues To Flow Into Exchanges: Why This Is Bullish For Bitcoin However, a deviation that is yet to be reversed fully is the drawdown observed around the FTX collapse in November 2022. Nonetheless, the whales have participated in some accumulation since the start of the year; more is needed to retrace the aforementioned plunge. The Bitcoin whales have seen their holdings move sideways in the past couple of years. The Ethereum whales, on the other hand, have participated in a steep selloff during the same period. Since 2020, these holders have shed 20 million ETH from their combined holdings, worth about $31.6 billion at the current exchange rate. In the past year alone, they have sold about 12 million ETH ($18.9 billion), an astonishing figure. As highlighted in the graph, the Ethereum whales showed a temporary deviation phase when they bought at the bear market lows. Nevertheless, this accumulation was quickly reversed as the indicator resumed a sharp plunge soon after. Something worth noting here is that the size of the whales isn’t the same between the two assets. Due to the difference in the prices of the coins, 1,000 tokens of each have vastly different weightages. Based on this cutoff, Bitcoin whales would hold at least $27.4 million worth of the asset, while the ETH whales hold just $1.58 million. A more fair comparison may be made by looking at the holdings of the ETH entities of comparable size to the BTC whales. As displayed in the chart below, the Ethereum whales with between 10,000 to 100,000 ETH ($15.8 million to $158 million) have shown accumulation over the years. Still, this cohort has also sold massive amounts this year. Looks like the value of the metric has sharply declined recently | Source: @jimmyvs24 on X However, the mega whales on the network ($158 million+) have shown behavior more in line with the aggregate 1,000+ ETH group, as they have distributed heavily since 2020. Related Reading: $29,700 Could Be The Next Big Level To Claim For Bitcoin, Here’s Why These whales have been selling for a few years now | Source: @jimmyvs24 on X Ethereum’s situation looks bleak, at least in terms of the holdings of the whales. The fact that these humongous holders have shown no signs of a turnaround so far may be the most concerning, as they lack interest in accumulating the asset. This differs greatly from the sentiment around the Bitcoin whales, who have been participating in net buying this year. ETH Price Ethereum has registered some decline recently, as the coin’s price is now retesting the same lows as back in August. ETH has been moving sideways over the past couple of months | Source: ETHUSD on TradingView Featured image from Shutterstock.com, charts from TradingView.com, Glassnode.com

I wrote an article in which I want to discuss various tools and gadgets for OpSec, with a focus on their practicality and usability. I hope you enjoy it; please let me know if you have any suggestions for more interesting devices (including DIY). Thanks! As a digital nomad, it’s essential to put strong security…
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This is Amazon jumping directly into Blockchain tech by purchasing Immutable! This means it has also entered by extension, crypto and NFTs. This is huge! submitted by /u/diamondbored [link] [comments]

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