Ethereum futures contract, the largest cryptocurrency after Bitcoin (BTC), is seeing record hourly volume. Here are the latest data and analysts’ comments…
CryptoQuant observes a boom in Ethereum futures
In a tweet Wednesday from Kate Young Ju, CryptoQuant CEO Ki Young Ju’s alternate account, it was revealed that an unknown account had broken the seven-month hourly volume record by buying $1.7 billion worth of Ethereum futures contracts within an hour. The account affiliated with CryptoQuant tweeted the following statements:
Someone(s) bought $1.7 billion worth of ETH futures contracts within an hour. The largest hourly volume for 7 months on market orders.
https://twitter.com/kate_young_ju/status/1549536750556647425
The reason for the great extravagance is unknown. Meanwhile, crypto enthusiasts in the comments are divided on how the purchase will affect the price of the asset. But many expect it to be positive, at least in the short term. It is worth noting that futures contracts enable buyers and sellers to negotiate the price of an asset.
Ethereum has had an impressive performance in recent days. The asset is up 48.79 percent in the last seven days as Ethereum holders await the asset’s transition to the proof-of-stake consensus chain. It performed significantly better than Bitcoin. Meanwhile, at the moment, the majority of Bitcoin investors are staying in the red despite the recent market rally. The CEO of blockchain analytics firm Ki Young Ju states that newcomers to Bitcoin, which accounts for a large portion of the realized market capitalization, remain in the red.
The expert shared his Bitcoin comment: When is the bull run?
Ki Young Ju tweeted on Wednesday that those who invested in BTC in early 2021 were still at a loss. He added that he received 75 percent of the total realized limit. However, the CryptoQuant executive states that this indicates the price at which the next bull run should start. According to Ki Young Ju, we should expect the next bull run to start at the $30,000 price point. Ki tweeted the following statements:
$30,000 looks like a starting point for the next bull run. It doesn’t seem strange to me as most people who took part in the last bull run are still underwater at this price.
Kindly Reminder:$BTC newbies who joined in early 2021 are still underwater, taking 75% of the total realized cap. pic.twitter.com/5rvWKCflxs
— Ki Young Ju (@ki_young_ju) July 20, 2022
It is worth noting that CryptoQuant manager previously stated that he expects the bull run to start after a big “short squeeze” event, as we reported as Kriptokoin.com. At the time of writing, Ethereum is trading at $1,552, up 1.4 percent in the last 24 hours. On the other hand, Bitcoin is trading at $23,543 with a 7.5% rise. Bitcoin had not seen this level in more than a month.
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