Miami, FLORIDA – Whales and retail investors have shown a keen interest in Ethereum (ETH) recently, leading to a surge in the cryptocurrency’s price. The price of ETH has seen a significant increase, resulting in the liquidation of short positions.
According to Lookonchain’s data, a large whale has been actively purchasing ETH and entering long positions in the ETH/BTC trading pair. This whale borrowed 2301 Wrapped Bitcoin (WBTC) equivalent to $119.75 million from AAVE to convert it into 41,947 ETH. In the last three days, the whale spent $35 million USDC to acquire 10,952 ETH at $3,196.
The increased interest from whales and retail investors in ETH indicates a positive sentiment across all sectors of the crypto market. Retail investors holding between 0.001 to 1 ETH have been accumulating the cryptocurrency, as observed from Santiment’s data analyzed by AMBCrypto.
As a result of this heightened interest, the price of ETH has surged significantly, currently trading at $3,311.78. This surge has sparked more speculation around ETH ETFs, further boosting the cryptocurrency’s rally. Despite the price increase, the MVRV ratio for ETH remains negative, indicating that most holders are still unprofitable.
The sudden uptick in ETH’s price has also led to the liquidation of a large number of short positions, totaling $33.02 million. Overall, the increased interest from both whales and retail investors has contributed to a positive outlook for Ethereum and its future price movements. Investors may continue to monitor the market closely for further developments and opportunities in ETH.