The aggregate volume of short liquidations across Ethereum derivatives reached a new record, spurred by the price rally of the second-largest cryptocurrency to a new all-time high above $3,500.
$ETH short liquidations across all derivative exchanges hit an all-time high.
Chart 👉 https://t.co/ATxdobwWdO
(Note: This liquidation data only includes ETH/USDT, ETH/USD perpetual futures contracts.) pic.twitter.com/Z4EoOtOaDo
— CryptoQuant.com (@cryptoquant_com) May 4, 2021
According to CoinGecko, in the last 24 hours Ethereum’s price rose 12.7%, and its market capitalization reached $405 billion. Over the past seven days the asset has gained 39%.
According to Bybt, the daily volume of liquidations on Ethereum-based financial instruments totaled $585.8 million. The largest was on Huobi Exchange, where a position worth $74.5 million was closed. By comparison, Bitcoin’s total for the same period stood at $457.8 million.
According to CryptoQuant’s Ki Young Ju, the amount of Ethereum transactions entering exchanges is still far from the peak levels seen in 2018.
“Fewer deposits, more withdrawals across all exchanges. Selling pressure is significantly lower than at the peak of the previous bull market. I don’t know how much it will pull back, but it is clear that selling is much weaker than in 2018,” the researcher said.
Update: $ETH exchange inflow transaction count is increasing, but it’s way less than the previous all-time high in 2018.
Not sure how much pullback it’ll get, but what’s clear is that the selling pressure is way less than 2018.
Chart 👉 https://t.co/CKsNQVp89j https://t.co/jiDhZ1qnJo pic.twitter.com/zHMx8L0sYW
— Ki Young Ju 주기영 (@ki_young_ju) May 4, 2021
On the Deribit derivatives exchange, Ethereum options trading volume for the first time surpassed Bitcoin’s — $1.32 billion versus $879.5 million.
As a result, by April this ratio stood 4.1 times higher for Ethereum — $33 billion versus $8 billion for Bitcoin.
Ethereum rise above $3,000 has pushed its co-founder Vitalik Buterin into billionaire status.
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