Arthur Hayes buys Ethereum, can the surge in whale transactions continue to push ETH higher?

avatar
ABMedia
11-11
This article is machine translated
Show original

ETH's gains this year have been far lower than Bitcoin's, and while Bitcoin has recently set new all-time highs, Ether still needs to rise more than 50% to reach its 2021 all-time high of $4,868! However, recent news that BitMEX founder Arthur Hayes has entered the ETH market, the surge in the number of whale transactions on the Ethereum network, and Tether's issuance of 4 billion USDT on Ethereum, could there be more catalysts to help Ethereum, which has more real-world asset (RWA) niches and applications, challenge new highs?

Arthur Hayes Enters ETH

According to on-chain analyst Yu Jin, he believes that BitMEX founder Arthur Hayes has purchased 1,071 Ether, worth about $3.31 million, through Wintermute.

As a KOL, Arthur Hayes often writes long articles, discussing how US money printing will boost the value of Bitcoin. In a previous interview, he also mentioned that in the current market rotation, one should first choose highly liquid mainstream coins like Bitcoin, Ether, and Solana, because their high liquidity means that even if the market experiences violent fluctuations, the losses will only be a small decline, allowing one to preserve capital for the next opportunity.

(Arthur Hayes: Bullish on Bitcoin and Solana, Focus on China's Economy Rather Than the US Presidential Election)

Santiment: Number of Whale Transactions on Ethereum Surges

Crypto research firm Santiment also stated that the number of ETH whale transactions worth over $100,000 has surged recently, helping ETH return to a 14-week high. ETH's trading volume has also risen significantly to $10.4 billion, a new high since early August.

Santiment also expects that during this bull market, Bitcoin's growth will lead to profits being reallocated to Ethereum, potentially pushing ETH to a new all-time high. Additionally, Ethereum's network activity appears to be very healthy.

Tether Issued 4 Billion USDT on Ethereum

According to monitoring by Spot On Chain, stablecoin issuer Tether has issued 4 billion USDT on Ethereum within 3 days. Of this, 3.44 billion USDT have been transferred to various exchanges, including 1.75 billion to Binance and 770.8 million to Coinbase.

Tether had previously announced that it would have a massive USDT cross-chain migration of up to $2 billion, returning from different chains to Ethereum, but this would not change the total issuance.

ETH/BTC Rises 10% in a Week

ETH's gains this year have been far lower than Bitcoin's, and while Bitcoin has recently set new all-time highs, Ether still needs to rise more than 50% to reach its 2021 all-time high of $4,868!

The ETH/BTC ratio, which represents the strength indicator between ETH and BTC, has fallen 26% this year, but has started to catch up in the past week, rising 10.9%, indicating that Ether's performance has begun to outperform Bitcoin in the past week.

Source
Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
Like
Add to Favorites
Comments