Key Highlights
- A major Ethereum whale initiated a $90.8M leveraged position with 20x leverage on ETH
- Another whale established a $61M position at $2,303 using HyperLiquid platform
- Ethereum spot ETFs saw continuous net inflows for seven consecutive days, accumulating $426M
- BitMine acquired 101,627 ETH in the past week, bringing total reserves to 4.97 million ETH
- Technical patterns suggest ETH could reach $3,230 following a breakout above resistance
Ethereum currently trades near $2,310 following a retreat from weekend highs around $2,400. The asset has gained more than 7% over the last month and has rallied approximately 41% from its February bottom at $1,750.
Market observers have taken note of two substantial ETH positions recently opened. A single whale established a $90.8 million position using 20x leverage. Market analyst TAnotepad identified another whale, identified as wallet 0x6C851, who initiated a $61 million leveraged ETH position at 20x with an entry point around $2,303 through the HyperLiquid platform.
The Crypto Fear and Greed Index has shifted significantly from 5 — indicating Extreme Fear — eight weeks ago to 54 currently. This places overall market sentiment squarely in neutral range.
Market analyst AlphaBTC shared on X that upcoming macroeconomic releases will be critical. He stated: “Robust retail sales figures could drive yields upward and postpone Fed rate reductions, whereas disappointing data would boost risk-on positioning.” He further highlighted that Federal Reserve statements, PMI reports, and geopolitical developments remain significant variables.
Spot ETF Inflows Reach Multi-Week Peak
Ethereum spot ETFs have registered positive net inflows across seven consecutive trading sessions, accumulating $426 million throughout this period. Weekly inflows reached $275.83 million, marking the strongest performance since January, based on SoSoValue data.
Worldwide cryptocurrency ETP inflows surged to $1.4 billion during the previous week, representing the highest level since January, according to CoinShares. Research Director James Butterfill attributed this momentum to enhanced risk appetite stemming from US-Iran ceasefire negotiations and Bitcoin’s rally past $76,000.
BitMine Expands ETH Holdings to 4.97 Million
Corporate treasury entity BitMine Immersion Technologies purchased 101,627 ETH during the past week, marking its most significant weekly acquisition since mid-December. This brings the company’s aggregate holdings to 4.97 million ETH, valued at approximately $11.44 billion.
BitMine’s Chairman Thomas Lee suggested the cryptocurrency bear market is approaching its conclusion. He highlighted that ETH has outperformed the S&P 500 index by 2,280 basis points since conflict erupted. Lee observed that earlier crypto bear markets aligned with equity market corrections exceeding 20%, whereas the present equity pullback measures only 8%.
BitMine has also staked 3.33 million ETH, producing $221 million in projected annual staking returns.
Ethereum’s daily price chart displays an ascending triangle formation. A decisive move above $2,400 would establish a technical target of $3,230, representing a potential gain exceeding 41% from present levels. The Relative Strength Index hovers around 55, while the Stochastic Oscillator registers approximately 61.
Critical support levels are positioned at the 20-day exponential moving average near $2,252 and the 50-day exponential moving average at $2,211. ETH experienced $144.4 million in futures contract liquidations over the previous 24 hours, with $101.1 million originating from long positions.
Market participants are monitoring $2,300 as the crucial short-term support zone, with $2,400 representing the primary resistance level requiring a breakthrough.
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