The cumulative volume of liquidations of short positions in derivatives on Ethereum has reached a new record. The impetus for this was the rise in the price of the second largest cryptocurrency by capitalization to a new all-time high above $ 3500.
$ ETH short liquidations across all derivative exchanges hit an all-time high.
Chart 👉 https://t.co/ATxdobwWdO
(Note: This liquidation data only includes ETH / USDT, ETH / USD perpetual futures contracts.) pic.twitter.com/Z4EoOtOaDo
– CryptoQuant.com (@cryptoquant_com) May 4, 2021
According to CoinGecko, over the past day, the Ethereum rate has grown by 12.7%, and its capitalization has reached $ 405 billion. Over the past seven days, the asset has risen in price by 39%.
According to Bybt, the daily volume of liquidations of positions on financial instruments based on Ethereum amounted to $ 585.8 million. The largest one occurred on the Huobi exchange – a position was closed there for $ 74.5 million. For comparison: the total figure for bitcoin for the same period was $ 457.8 mln.
According to the head of CryptoQuant, Ki Yoon Joo, the number of Ethereum transactions entering the exchanges, but the indicator is far from the records of 2018.
“Less deposits, more withdrawals across all exchanges. Selling pressure is significantly lower than at the peak of the previous bull market. I do not know how much it will roll back, but it is clear that sales are much weaker than in 2018 “, – said the researcher.
Update: $ ETH exchange inflow transaction count is increasing, but it’s way less than the previous all-time high in 2018.
Not sure how much pullback it’ll get, but what’s clear is that the selling pressure is way less than 2018.
Chart 👉 https://t.co/CKsNQVp89j https://t.co/jiDhZ1qnJo pic.twitter.com/zHMx8L0sYW
– Ki Young Ju 주기영 (@ki_young_ju) May 4, 2021
On the Deribit derivatives exchange, for the first time in history, the volume of Ethereum options trading exceeded the corresponding figure for Bitcoin – $ 1.32 billion versus $ 879.5 million.
At the end of April, this ratio was 4.1 times higher for the first cryptocurrency – $ 33 billion versus $ 8 billion.
Recall that the growth of Ethereum above $ 3000 brought its co-founder Vitalik Buterin into billionaires.
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