{"id":654473,"date":"2024-11-23T17:30:24","date_gmt":"2024-11-23T17:30:24","guid":{"rendered":"https:\/\/uniquehot.com\/?p=654473"},"modified":"2024-11-22T20:51:42","modified_gmt":"2024-11-22T20:51:42","slug":"deribit-moves-783m-in-ethereum-to-cold-storage-a-bullish-signal-for-eth","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/ethereum\/deribit-moves-783m-in-ethereum-to-cold-storage-a-bullish-signal-for-eth\/","title":{"rendered":"Deribit Moves $783M in Ethereum To Cold Storage: A Bullish Signal for ETH?"},"content":{"rendered":"

While Ethereum seems to have begun its own major rally, the asset has recently experienced significant activity on the Deribit Options Exchange which begs the question of what it means for ETH’s price<\/a>.<\/p>\n

A CryptoQuant analyst known as Amr Taha detailed<\/a> these developments in a post on the CryptoQuant QuickTake platform. The analysis focused on substantial outflows<\/a> from the exchange to cold wallets, highlighting potential implications for market sentiment and liquidity.<\/p>\n

\n
Related Reading: Ethereum Sees Neutral Netflow On Binance: What Does This Signal?<\/a><\/div>\n<\/div>\n

ETH Netflows On Deribit And The Implications<\/h2>\n

According to Taha, the Deribit Options Exchange recorded a notable transaction<\/a> involving 233,000 ETH transferred to a cold wallet. Valued at approximately $783 million, the transaction was executed at an average price of $3,350 per Ethereum.<\/p>\n

\"Ethereum
Ethereum exchange netflow on Deribit. | Source: CryptoQuant<\/figcaption><\/figure>\n

This was not limited to Ethereum alone\u2014Bitcoin also witnessed a similar outflow, with 31,000 BTC worth $3.038 billion moved to cold storage. These transfers have sparked speculation about the motivations behind such activity and their potential impact on the broader market.<\/p>\n

\"Bitcoin
Bitcoin exchange netflow on Deribit. | Source: CryptoQuant<\/figcaption><\/figure>\n

As a result, the CryptoQuant analyst highlighted four major implications of this movement. First, the reduction in selling pressure is notable. Assets stored in cold wallets are less likely to be sold immediately, which can decrease liquidity on exchanges.<\/p>\n

Taha noted that this scenario may contribute to price stability or even further boost the bullish trend<\/a> in the market if demand remains steady or increases.<\/p>\n

Another key takeaway from these transactions is the possibility of institutional accumulation. Such large-scale transfers often indicate that institutional investors or high-net-worth individuals are confident in Ethereum\u2019s long-term value.<\/p>\n

Furthermore, Taha highlighted Deribit\u2019s strategy of moving these funds as part of a risk management approach. The analyst wrote:<\/p>\n

Moving assets to cold storage is a security practice to minimize exposure to hacking risks. It also reflects a cautious approach, likely due to regulatory scrutiny or anticipated market volatility.<\/p><\/blockquote>\n

Additionally, Taha highlighted that this move could also have impact on market sentiment where by traders could interpret these transactions as bullish, “leading to increased buying activity.”<\/p>\n

Ethereum Market Performance<\/h2>\n

Meanwhile, Ethereum currently trades above the $3,300<\/a> mark following an increase of 8.2% in the past week and 1.3% in the past 24 hours. The asset’s market cap has also significantly surged alongside its price with a current valuation nearing $400 billion.<\/p>\n

\"Ethereum
ETH price is moving upwards on the 2-hour chart. Source: ETH\/USDT on TradingView.com<\/a><\/figcaption><\/figure>\n

According to renowned crypto analyst known as E\u1d1b\u029c\u1d07\u0280N\u1d00\ua731\u028f\u1d0f\u0274\u1d00L on X, Ethereum current price chart appears to be mirroring that of 2016-2017 where it experienced a “mega bull” run.<\/p>\n

Related Reading: Ethereum Attempts Key Breakout: Analysts Set Next Target As ETH Reclaims $3,200<\/a><\/div>\n

According to the analyst, “altcoins will follow” as Ethereum continues to increase.<\/p>\n

\n

#Ethereum<\/a> $10k+ step by step!$ETH<\/a> repeats the bullish megaphone pattern it drew while heading towards the 2016-2017 mega bull period, before the 2024-2025 mega bull period.#Alts<\/a> will follow! pic.twitter.com\/VRVI8lwnsS<\/a><\/p>\n

\u2014 E\u1d1b\u029c\u1d07\u0280N\u1d00\ua731\u028f\u1d0f\u0274\u1d00L \ud83d\udcb9\ud83e\uddf2\ud83d\udcc8 (@EtherNasyonaL) November 22, 2024<\/a><\/p><\/blockquote>\n

Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

While Ethereum seems to have begun its own major rally, the asset has recently experienced significant activity on the Deribit Options Exchange which begs the question of what it means for ETH’s price. A CryptoQuant analyst known as Amr Taha detailed these developments in a post on the CryptoQuant QuickTake platform. The analysis focused on substantial outflows from the exchange to cold wallets, highlighting potential implications for market sentiment and liquidity. Related Reading: Ethereum Sees Neutral Netflow On Binance: What Does This Signal? ETH Netflows On Deribit And The Implications According to Taha, the Deribit Options Exchange recorded a notable transaction involving 233,000 ETH transferred to a cold wallet. Valued at approximately $783 million, the transaction was executed at an average price of $3,350 per Ethereum. This was not limited to Ethereum alone\u2014Bitcoin also witnessed a similar outflow, with 31,000 BTC worth $3.038 billion moved to cold storage. These transfers have sparked speculation about the motivations behind such activity and their potential impact on the broader market. As a result, the CryptoQuant analyst highlighted four major implications of this movement. First, the reduction in selling pressure is notable. Assets stored in cold wallets are less likely to be sold immediately, which can decrease liquidity on exchanges. Taha noted that this scenario may contribute to price stability or even further boost the bullish trend in the market if demand remains steady or increases. Another key takeaway from these transactions is the possibility of institutional accumulation. Such large-scale transfers often indicate that institutional investors or high-net-worth individuals are confident in Ethereum\u2019s long-term value. Furthermore, Taha highlighted Deribit\u2019s strategy of moving these funds as part of a risk management approach. The analyst wrote: Moving assets to cold storage is a security practice to minimize exposure to hacking risks. It also reflects a cautious approach, likely due to regulatory scrutiny or anticipated market volatility. Additionally, Taha highlighted that this move could also have impact on market sentiment where by traders could interpret these transactions as bullish, “leading to increased buying activity.” Ethereum Market Performance Meanwhile, Ethereum currently trades above the $3,300 mark following an increase of 8.2% in the past week and 1.3% in the past 24 hours. The asset’s market cap has also significantly surged alongside its price with a current valuation nearing $400 billion. According to renowned crypto analyst known as E\u1d1b\u029c\u1d07\u0280N\u1d00\ua731\u028f\u1d0f\u0274\u1d00L on X, Ethereum current price chart appears to be mirroring that of 2016-2017 where it experienced a “mega bull” run. Related Reading: Ethereum Attempts Key Breakout: Analysts Set Next Target As ETH Reclaims $3,200 According to the analyst, “altcoins will follow” as Ethereum continues to increase. #Ethereum $10k+ step by step!$ETH repeats the bullish megaphone pattern it drew while heading towards the 2016-2017 mega bull period, before the 2024-2025 mega bull period.#Alts will follow! pic.twitter.com\/VRVI8lwnsS \u2014 E\u1d1b\u029c\u1d07\u0280N\u1d00\ua731\u028f\u1d0f\u0274\u1d00L \ud83d\udcb9\ud83e\uddf2\ud83d\udcc8 (@EtherNasyonaL) November 22, 2024 Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":654476,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[134,10923,83531,8323,1946,91844,78803],"class_list":["post-654473","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-altcoin","tag-crypto-market","tag-cryptoquant","tag-eth","tag-ethereum","tag-ethereum-market","tag-ethusdt"],"acf":[],"yoast_head":"\nDeribit Moves $783M in Ethereum To Cold Storage: A Bullish Signal for ETH?<\/title>\n<meta name=\"description\" content=\"While Ethereum seems to have begun its own major rally, the asset has recently experienced significant activity on the Deribit Options...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. 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His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. 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