The market for Ethereum derivatives saw someone buying $1.7 billion worth of futures contracts in an hour.
Ethereum continues increasing in value as the cryptocurrency charts another 4% on the day and currently sits at $1,600. It appears that whales are stepping in for ETH, and someone is making particularly large purchases.
Tweeting from a sub-account, the CEO of cryptocurrency analytics resource CryptoQuant – Ki Young Ju – said that someone bought $1.7 billion worth of ETH futures contracts in an hour.
Source: CryptoQuant
CryptoPotato recently reported that ETH whale addresses are also on the rise in the spot markets – these are entities holding between 1K and 100K ETH. They saw a sharp increase in the past few w weeks after bottoming in May.
The cryptocurrency is up around 60% in the past week – an increase that came after a member of the Ethereum Foundation – Tim Beiko – revealed a timeline that placed the Ethereum 2.0 Merge to happen on September 19th, barring unforeseen circumstances and under a ‘soft’ schedule.
Georgi Georgiev is CryptoPotato's editor-in-chief and seasoned writer with over four years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn
