Crypto News

Ethereum’s Second Bull Run Gains Momentum: Key Insights On Market Activity

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.

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.

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.

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)

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.

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.

Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!

Image Source: jbaung007/123RF // Image Effects by Colorcinch

Leave a Comment

Your email address will not be published. Required fields are marked *

*