Along with apparently demand for the investor, the price of Ethereum looked at exceeding the psychological level of USD 3000 over the past week. However, this dream hit a grave obstacle after geopolitical tensions quickly increased in the delayed Thursday, June 13.
It did not take much time to influence global financial markets for the Israeli coating on Israel to affect global financial markets, and cryptographic prices succumbed to a fresh wave of inheritance pressure. In particular, Ethereum, the second largest cryptocurrency according to market capitalization, has lost about 6% of its value in the last 24 hours.
Does capital flow from ETH to BTC?
In the Quicktake post on the Cryptoquant platform, AMR Taha chain analyst common Fresh insight into the wave of variability, which recently hit the cryptocurrency market. Kryptographic Pundit noticed that Ethereum and Bitcoin were particularly affected by the latest global events.
First of all, Taha noticed the decrease in the interest of the Ethereum Open (OI) from Binance, the world’s largest exchange of cryptocurrencies according to the volume of trading. Data from Cryptoquant show that the ETH OI record has experienced a significant 19% immersion in the last 24 hours, coinciding with a decrease in price.
The open interest rate estimates the total amount of money flowing into the derivatives of a specific cryptocurrency at the moment. The falling value of OI is often considered bear, because it suggests a decrease in investors’ trust and positive moods.
According to Tah, this latest rapid decline in Ethereum’s interest indicates a panic sales wave, and investors instinctively leave their long positions. “Traders probably rushed to close their long positions, or manually in fear of deeper losses or automatically through forced liquidation, when the alloy was hit,” said the analyst.
Taha pulled out a parallel relationship between the falling interest of Ethereum and the Bitcoins flow of Coinbase, the largest centralized exchange in the United States. Kryptochant data show a significant withdrawal of 7,000 BTC from the trading platform on the last day.
According to Tah, this significant outflow of Bitcoins exchange, converging exactly with a decrease in Ethereum OI, suggests fresh shopping and that gigantic investors can strategically change the position for accumulation. This trend may not be particularly positive for ETH, because it shows that capital can turn back into the prime minister of cryptocurrency.
Ethereum price at first glance
In this letter, the price of ETH is about USD 2,546, which reflects a decrease in almost 4% in the last 24 hours.
