70% Of Ether Positions Are 'long' As Whale Accumulation Tightens...

Whales have accumulated over $2 billion in Ether, as derivatives positioning skewed 70% net long with leverage at record highs. When will ETH price break out?

Ether (ETH) has experienced renewed accumulation from large whales over the past few days, despite the price being compressed under $3,000. However, recent onchain and futures data indicate growing pressure for a potential breakout.

Large whales added over $2 billion worth of ETH in recent days despite muted price action.

Exchange supply is tightening, and 70% of global ETH derivatives positions are net long.

Data resource Lookonchain noted that the “66k ETH Borrow Whale” added another 40,975 ETH ($121 million) over the past day, bringing the total purchases to 569,247 ETH ($1.69 billion) since Nov. 4.

Likewise, treasury accumulation has also accelerated. Tom Lee’s Bitmine acquired an additional 67,886 ETH ($201 million) in the past 24 hours and roughly $302 million over the past week.

Related: Ether analysts see ‘upward breakout’ as ETH price returns to $3K

Bitmine currently holds 4.06 million ETH, valued at $12.4 billion, representing about 3.37% of the total ETH supply.

As Cointelegraph reported, Trend Research purchased 46,379 ETH this week, lifting its holdings to roughly 580,000 ETH, surpassing most publicly tracked Ether treasuries. Only SharpLink Gaming and BitMine held more ETH.

Related: How Wall Street is using Ethereum without talking about Ethereum

Source: CoinTelegraph