Ethereum on the march, 3K recapture, price action and the intentions of the ETH whales
With Ethereum's steep rise, it's worth noting if the rise is due to whale intervention. About 7 hours ago, a specific whale address bought 3,412 ETH. With a total value of 10.1 million USDT and an average price of $2,933, the address bought a total of 83,285 ETH between February 8th and February 12th at an average price of $2,789.
The behavior in the ETH options market is no different. The $2,200 put - a bearish bet - is concentrated in Ethereum (ETH) options expiring in February, according to TheBlock. The Chicago Mercantile Exchange (CME) has $5.26 billion in open interest in ETH options, according to data from TheBlock. "A popular strategy in the market last week was to buy a $3,000 call (bullish bet) while hedging the downside with a $2,200 put," explained Jag Kooner, head of derivatives at Bitfinex. As of CoinMarketCap, ETH is trading around the $3,000 level, up 0.02%.
Meanwhile, the number of ETH addresses that are losing money is 16 million, representing 14.7% of the total, Intoblock reported. There are approximately 87.9 million addresses that will go into a profitable state when ETH breaks $3000. These addresses have not been profitable for two years. On the other hand, 83% of the addresses are profitable.
Of course, there's also risky news. Funds from AAX wallets, a local crypto derivatives exchange that has been investigated by Hong Kong authorities in the past for suspending withdrawals and stealing customer funds, started moving this month. Starting 21 days ago, $55.6 million worth of ETH was moved from an AAX address, $20 million of which went to the Tron network via the SWFT protocol after several DeFi transfers. Money laundering is suspected. Previously, AAX abruptly stopped withdrawals two years ago, and some of its executives were arrested after fleeing with customer funds. The founder of AAX, who has not yet been identified, fled the country with an AAX wallet and private keys containing $30 million in cryptocurrency and has not yet been apprehended. While this won't be solved in one fell swoop, it's worth noting that it could affect the market price if you're looking to sell high.
