Ethereum (ETH) traded around $1,866, up 1.7% on the day, as it held near the $1,800 support level. A large trader sold 72 Bitcoin (BTC), worth $4.66 million, and used the funds to open a 20x long position in 12,000 ETH, valued at approximately $22.4 million. This whale activity coincided with a broader bullish shift in derivatives markets, as the Taker Buy-Sell Ratio climbed above 1. Data shows $3.67 billion flowed into futures positions in the last 24 hours, with net inflows surging 213% to $351.1 million. The Long/Short Ratio on Binance averaged 2, indicating predominantly bullish sentiment among traders.
Ethereum continued to hover around $1.8k after successfully rebounding from that level to reach $1,876. At press time, ETH was trading near $1,866, up slightly by 1.7% on the daily charts.
According to Lookonchain, two newly created wallets sold 72 Bitcoin [BTC] worth $4.66 million and then moved into Ethereum. After dumping BTC, the trader opened a 20x long position in 12,000 ETH, worth approximately $22.4 million. With ETH holding above the entry price, the whale is already up $275k, having spent $5.8k in funding fees.
The Derivatives Taker Buy-sell Ratio climbed, reclaiming the 1 mark, and held this level for two consecutive days. At 1.13, it suggests that more buy orders were executed on the derivatives side. Over the past 24 hours, $3.67 billion flowed into futures positions, while $3.32 million flowed out.
Futures Netflow rose 213% to $351.1 million, suggesting more capital flowed into new positions. The Long/Short Ratio held above 1, with an average of 2 across Binance, implying that more traders were bullish.
Ethereum’s True Strength Index (TSI) has held an upward trajectory, rising to 15 at press time. When TSI is rising, it indicates that bullish momentum is strengthening, with buyers gradually retaking the market.
