Ethereum maintains position above $2k after ETF proposal surge
Release: 2023/11/14 18:15 Reading: 259
Ethereum (ETH) has been holding above the $2,000 mark as investment products significantly surged after the exchange-traded fund proposal.
The largest asset manager with $9.4 trillion of assets under management, BlackRock, registered an iShares ETH Trust on Nov. 9. Since the proposal, Ethereum saw a 9% rise, surpassing the crucial $2,000 mark.
Based on data from Santiment, there has been a 25% increase in whale transactions involving at least $100,000 worth of ETH over the past 24 hours. The number of transactions has risen from 2,151 to 2,678 during this period.
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According to a crypto.news report on Nov. 13, whales have accumulated over $58 million worth of Aave (AAVE), Ethereum, Arbitrum (ARB), Pepe (PEPE), and a few more altcoins over the past week.
According to data from Santiment, the increase in whale activity has resulted in a significant decline in ETH's price-daily active addresses (DAA) divergence, reaching a negative value of 45.17%. When the price DAA divergence falls below zero, it indicates a "sell" signal, as it suggests that large whales may be manipulating the market.
According to Santiment, Ethereum's total open interest (OI) decreased from $4.15 billion on November 10 to $3.85 billion at the present time.
Additionally, the current Binance funding rate for ETH is 0.02%, indicating that short position holders have a dominant presence unless there are any significant changes in the market.
As of writing, Ethereum has experienced a 0.7% increase in the last 24 hours and is currently being traded at $2,050. The market capitalization of this asset has reached $247.5 billion, accompanied by a trading volume of $13.4 billion within the same 24-hour period.
Read more: Cboe Digital to introduce margined BTC, ETH futures
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