All We Need to Know about $ETH
💡 @BitMNR is purchasing $ETH at a rate 12x faster than @Strategy is purchasing $BTC , from @fundstrat
💡 Since mid-July, SΞR+ETF ETH holdings have grown from 24M to the current 37M
we see a 54% growth in one month
💡 ETH/BTC rate is also starting to show a reversal, showing a strong momentum
Eliminating short-term noise, Keep Buying 📈
【 $ETH's Strong Market, E Reserve Data Update 💡】
It has only been a month since the establishment of the ETH Maxi list, yet it feels like a lifetime ago.
$ETH has risen from $3000 to the current $4700 🚀🚀
New highs are not just casually mentioned; often, it feels like the crypto space still underestimates this institutional buying, even Tom Lee @fundstrat himself mentioned that the current speed at which Bitmine is purchasing $ETH is 12 times that of Strategy's purchases of $BTC.
By the way, it seems a new "Ethereum Foundation" has emerged in the market. Hashkey Capital transferred over 7000 ETH to exchanges today, selling off $34M 💀
From last night to today, it's clear that opinions in the market have diverged.
💡 BTC seems to have not sustained its new high.
💡 $ETH is astonishingly strong on its own, with $SOL following suit.
💡 Altcoins have not followed the rise.
The interest rate cut in September seems to be settled; as usual, we still need to watch the performance of Bitcoin. If Bitcoin does not break through this time, altcoins will continue to struggle.
I looked at the spot trading volume of mainstream coins, and it seems to have reached the previous high point again, which previously saw a short-term pullback ⚠️.
The spot trading volumes then and now are:
ETH: 4.2 billion, 4.3 billion
BTC: 2 billion, 3.1 billion
USDC: 2.4 billion, 3.6 billion
A few days ago, ETH was around 2 billion.
The $OTHERS indicator has also surpassed the previous high at the end of July (315B, 315 billion USD), peaking at 324B this morning before retreating to around 316B now.
Looking back at the current purchasing data for ETH:
Since mid-July, the holdings of SΞR+ETF ETH have grown from 24M to the current 37M, a growth of 54% in one month.
The top 3 reserve companies currently hold 9.6B, which is nearly 10 billion USD of $ETH, while the Ethereum Foundation holds 1.07B, a difference of 9 times.
I believe we can monitor market changes on a weekly basis. Unless the growth rate slows significantly, there is no need to be overly pessimistic.
The current ETH/BTC exchange rate is also starting to show a turning point. $ETH remains strong and continues to surge ⚡️.
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