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Home»ALTCOIN NEWS»As BYBIT fights $ 297 million, Etherrium increases. Will ETH see full recovery?
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As BYBIT fights $ 297 million, Etherrium increases. Will ETH see full recovery?

By Crypto FlexsFebruary 23, 20253 Mins Read
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As BYBIT fights $ 297 million, Etherrium increases. Will ETH see full recovery?
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  • The amount of ETH purchased by Crypto Exchange bybit, a positive signal of the market, has soared.
  • The derivatives market reflects the possible ETH movement, which is now positive.

Ether Lee (ETH) began to show optimistic trends in the market. In the last 24 hours, the asset has increased by 3.79%, reflecting this market movement.

In addition to the current market trend (recent BYBIT purchase), ETH’s BYBIT purchases can recover 17.84%per share.

BYBIT’s ETH purchase is optimistic

According to the recent data of LookonChain, Cryptocurrency Exchange BYBIT has been purchasing ETH for the last 24 hours.

During this period, a total of $ 297 million ETH was purchased in two movements. First, the exchange bought 36,893 ETH for $ 2,711 and worth about $ 100 million.

The second stage (depending on the initial purchase size) purchased 71,755 ETH for $ 170 million.

Source: Lookonchain

In general, when a large entity runs such a series of repurchase, it indicates optimistic movements for ETH. This is clear at a 3.79%price increase over the last 24 hours.

However, BYBIT’s repurchase followed the largest encryption hack in history, which resulted in $ 14.6 billion over $ 14.6 billion over $ 490,000.

In -kind market activities show reorganization.

In general, certain major metrics that suggest weak scenarios have soared. But in this case, it can indicate that the market is restoring balance after hacking.

Since early February, the ETH, which is available in exchange, has dropped sharply from 17.7 million to 18.5 million in prestime value.

The decrease in exchange reserves is generally optimistic about assets as demand increases, while the increase is weak.

However, in the last 48 hours, the number of ETHs available for exchange has increased, increasing from 18.509 million to 1,566 million.

This is generally weak, but it suggests that the market is stabilizing rather than weakening, given the recent ETH leak of $ 14.6 billion.

Source: cryptoquant

Similarly, Exchange’s net inflow, which indicates how many ETH is moving by exchange, increases to 18,984, and sends signals for selling.

But like the Exchange Reserves Shift, this seems to be part of the market reorganization. In particular, more than 457,000 leaks occurred in the largest 21st after 478,000 ETH leaks in June 2023.

In order to determine whether the market is truly optimistic or weak, the better approach is to analyze the derivatives market.

The derivatives market is being purchased

The derivatives market provides a clear view of market sentiment. Currently, the rate of financing and the public interest are optimistic, which means that the trader is opening a long position despite the recent hacking.

At the time of writing, the rate of financing throughout all of the exchanges of Cryptoquant was moved to optimistic territory with Press Time Reading 0.0020.

Positive funding rate suggests that traders are confident in their long positions and pay a premium to maintain the price difference between the spot and derivatives.

Source: cryptoquant

The public interest, which tracks the total amount of unstable derivative contracts, has also reached $ 113.8 billion, up 10.33% over the last 24 hours.

As the purchase volume increases significantly in the derivative market, this is likely to be the location of most unstable derivatives.

Overall, ETH remains at the optimistic stage despite hacking, and closely monitoring the derivatives market can provide more clearness to the next movement.

Next: MANTRA has a new high at $ 9.17 -Can OM moves to $ 10 or more?

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