Ethereum’s second bull run appears to be in full swing, and history suggests it could outperform its first rally.
In previous cycles, $ETH has consistently surpassed its initial peak during the second phase of its growth.
Ethereum’s second bull run is underway, and history shows it often outperforms the first. 🚀
In past cycles, $ETH consistently exceeded its initial peak during phase two.
The momentum is strong—are we about to see massive gains? 👀🔥 pic.twitter.com/Rf8Haf5Ki4
— Kyledoops (@kyledoops) November 27, 2024
Recent on-chain activity indicates heightened market anticipation. Netflows to derivatives hit 42,000 $ETH twice, often signaling traders preparing for potential price drops by opening short positions. With Ethereum nearing the critical $3,500 resistance level, the stage is set for significant market action.
$ETH netflow to derivatives just hit 42,000 twice—what’s going on? 👀
This kind of inflow often points to traders loading up on shorts, expecting a drop.
With ETH closing in on $3.5K resistance, we might be about to see some fireworks! 🚀📉 pic.twitter.com/27up6aDA2m
— Kyledoops (@kyledoops) November 27, 2024
Whale Activity Boosts Confidence
A major Ethereum whale, identified as “0xba7,” has been actively accumulating $ETH on Bybit. Over the past 12 days, the whale spent $63.99 million USDT to acquire 19,447 $ETH at an average price of $3,290.
Notably, today alone, the whale purchased 4,801 $ETH for $16.11 million USDT, achieving an unrealized profit of $2.13 million (+3.29%). Such substantial investments often signal long-term confidence in Ethereum’s trajectory.
Big $ETH accumulator spotted!
Major whale "0xba7" has spent 63.99M $USDT to buy 19,447 $ETH on #Bybit at an average price of $3,290 over the past 12 days.
Of this, 4,801 $ETH were purchased today for 16.11M $USDT.
The unrealized profit currently stands at $2.13M (+3.29%).… pic.twitter.com/v7GFebcV3v
— Spot On Chain (@spotonchain) November 27, 2024
Vitalik Buterin’s Recent Transactions
Ethereum co-founder Vitalik Buterin also made headlines, selling four meme coins for 24.5 $ETH ($81.8K) while donating a substantial 320 $ETH ($1.07M) to Coin Center. The sold tokens include:
– 330B $LEDOG: Sold for 10.96 $ETH ($36.7K)
– 3.03T $DOGC: Sold for 10.8 $ETH ($36K)
– 19.95M #99: Sold for 1.58 $ETH ($5.3K)
– 300M #VITALIK: Sold for 1.14 $ETH ($3.8K)
Vitalik Buterin (@VitalikButerin) just sold 4 #memecoins for 24.5 $ETH ($81.8K) and donated 320 $ETH ($1.07M) to Coin Center (@coincenter).
The meme coins that he sold include:
• 330B $LEDOG ($36.7K) for 10.96 $ETH
• 3.03T $DOGC ($36K) for 10.8 $ETH
• 19.95M #99 ($5.3K) for… https://t.co/YiYn7lKUAM pic.twitter.com/xd1zYblO2l— Spot On Chain (@spotonchain) November 27, 2024
Ethereum Spot ETF Sees Inflows
Adding to the bullish sentiment, Ethereum’s spot ETF recorded a net inflow of $40.67 million yesterday, further demonstrating strong institutional interest.
On November 26, the Bitcoin spot ETF had a total net outflow of $123 million, and the Ethereum spot ETF had a total net inflow of $40.6741 million yesterday. https://t.co/59u0BnEqLG
— Wu Blockchain (@WuBlockchain) November 27, 2024
As Ethereum edges closer to breaking resistance, market dynamics suggest this second bull run could be one for the books.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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