Brief
- A major wallet purchased $55 million worth of ETH from BitGo on Tuesday, followed by another $13 million purchase from Binance on Wednesday.
- The buying streak coincides with an 8% rise in Ethereum and broader gains in Bitcoin and Solana after losses in early December.
- Derivatives data shows increased taker buying volume and higher perpetual CVDs alongside open interest, signaling renewed appetite for leveraged long positions.
Ethereum’s largest holders have re-emerged as crypto prices recover after more than $600 million in long sell-offs on Monday.
On-chain data shows that a large holder purchased 18,345 ETH, worth around $55 million, from BitGo on Tuesday, according to analytics platform Arkham Intelligence.
Another bought On Wednesday, another large holder purchased 30,278 ETH worth around $91.16 million from Kraken, around three hours ago.
These moves coincided with a rebound from losses in early December, which sent Bitcoin, Solana and other digital assets soaring.
Ethereum is up more than 8% in the past 24 hours and is currently trading at $3,015, according to CoinGecko data. Bitcoin is at 7% and Solana has surged over 10%.
Adding to hopes of continued price gains, taker buying volume – representing the volume of buy orders executed by takers in perpetual swaps – reached $148.7 million across all exchanges on Tuesday.
The demand hints at a “strong signal of aggressive buying in the market,” according to a report released Tuesday. tweet by Maarten Regterschot, a verified analyst at CryptoQuant.
The cumulative futures volume delta, meanwhile, increased relative to the spot cumulative volume delta, Bike data watch.
When perpetual CVDs and open interest (which represents total open orders) trend upward, it generally indicates that investors are opening new long positions.
“If we see more DAT trading below mNAV, there will be acquisitions with institutional investors jumping into Ethereum at a discount,” said Stephen Gregory, founder of crypto trading platform Vtrader. Decrypt.
“I think the correction has run its course and the macroeconomic winds will push Ethereum back up,” he added.
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