Recent data from Binance reveals a significant breakthrough in both Bitcoin (BTC) and Ethereum (ETH) prices, with BTC surpassing $72,000 and ETH exceeding $3,600.

The surge in prices coincides with a flurry of activity on the network, leading to a total liquidation of $148 million in the past 24 hours, with short positions accounting for $103 million of the liquidations.

Binance shows that BTC has broken through $72,000 and ETH has broken through $3,600. In the past 24h, the entire network has experienced a liquidation of $148 million, of which short positions have been liquidated at $103 million.

— Wu Blockchain (@WuBlockchain) April 8, 2024

According to CoinShares, the digital asset investment market continues to see strong inflows, with a record $646 million pouring into investment products last week alone. The total inflow for the year has now reached an all-time high of $13.8 billion. 

According CoinShares, last week saw an inflow of $646 million into digital asset investment products. The total inflow for this year has reached a record high of $13.8 billion. Bitcoin inflows amounted to $663 million, while short Bitcoin investment products experienced outflows…

— Wu Blockchain (@WuBlockchain) April 8, 2024

While Bitcoin saw inflows of $663 million, short Bitcoin investment products experienced outflows for the third consecutive week, totaling $9.5 million. Similarly, Ethereum witnessed outflows for the fourth consecutive week, amounting to $22.5 million.

Amidst Ethereum’s price surge, on-chain data suggests significant buying activity by whales. Spotonchain data reveals that two whales recently spent a combined total of $35.11 million in stablecoins to acquire 10,322 ETH, driving the price above $3,400. 

Whales are buying $ETH on chain!

In the past 14 hours, two whales have spent a total of $35.11M in stablecoins to buy 10,322 $ETH, allegedly pumping the price above $3,400, including:

1. 8 wallets (likely one entity) spent 20.86M $USDT to buy 6,145 $ETH at ~$3,395 in the past 9… pic.twitter.com/jatHgGkKhA

— Spot On Chain (@spotonchain) April 8, 2024

Whales Accumulate Massive Amount Of Ethereum ETH 

One entity, represented by eight wallets, invested $20.86 million in USDT to purchase 6,145 ETH, while another whale, identified as 0x5e9, spent $14.25 million in DAI to acquire 4,178 ETH. Notably, 0x5e9 had previously realized a profit of $7.48 million from ETH and WBTC trades.

The $ETH price sharply rebounded by ~4% in the past 2 hours, now beyond $3,500!

During this period, our system detected two more whales, 0x666 and 0x435, that withdrew a total of 11,657 $ETH ($40.28M) from #Binance at ~$3,455!

Follow @spotonchain and set alerts for $ETH now so… https://t.co/Tz4or4Pzc0 pic.twitter.com/ZoVXTtDWZq

— Spot On Chain (@spotonchain) April 8, 2024

Additionally, two more whales, 0x666 and 0x435, withdrew a total of 11,657 ETH ($40.28 million) from Binance at approximately $3,455 per ETH.

Meanwhile, Abraxas Capital Management seized an opportunity during the ETH pullback period, profiting $5.09 million. 

Abraxas Capital Mgmt 一波漂亮的 $ETH 抄底已浮盈 509 万美金

该机构在 04.03 – 04.08 ETH 回调期间，以均价 $3347 从 #Binance 转出 19808 枚 ETH，价值 6629 万美金；今天 ETH 快速反弹至 $3600，该机构仅用六天就斩获了五百万美金的利润！

钱包地址 https://t.co/kV4rJRJc6S pic.twitter.com/UMMnRdgDkQ

— Ai 姨 (@ai_9684xtpa) April 8, 2024

The institution acquired 19,808 ETH from Binance at an average price of $3,347, totaling $66.29 million. With ETH quickly rebounding to $3,600, the institution made a $5 million profit in just six days.

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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Filed under: Bitcoin - @ April 9, 2024 7:23 am