The post Ethereum traders switch to aggressive long positions, spot accumulation appeared on BitcoinEthereumNews.com.

Ethereum (ETH) switched its sentiment within the past day, as prices recovered above $1,900. Whales reacted immediately, with a mix of leveraged long positions and spot buying.  Ethereum (ETH) saw an immediate shift in trader and buyer behavior after weeks of uncertainty. As prices recovered above $1,900, whales returned to buying on the spot market, while derivative traders committed to more substantial long positions.  ETH is trying to break a six-month downtrend and resume with a more significant breakout to a higher price range. The immediate reaction of spot and derivative traders showed ETH is still attractive, especially if showing bullish momentum. Ethereum whales switch to spot accumulation In the past day, accumulation was noted from prominent funds, in addition to anonymous whale wallets. DeFi traders used their accumulated stablecoins, spending DAI and USDT to acquire ETH at $1,993.8.  2 wallets, likely from one entity, spent $14.54M $DAI and $USDT to buy 7,293.44 $ETH at a price of $1,993.8. Addresses: – 0xef9fc75f3eac4baf72e0de24c8677187523e85c6 – 0xdf72beb504df8612e7594a4878e23461c5fde34e Data @nansen_ai pic.twitter.com/sk070LKX5q — Onchain Lens (@OnchainLens) May 8, 2025 In addition to the whales, Abraxas Capital extended its withdrawals, building up a reserve of ETH tokens. The latest withdrawal for Binance was for 2.3K ETH. The large-scale withdrawals and accumulation took around 50,000 ETH from exchanges in the past day. Holding ETH in private wallets happened after the Ethereum Pectra upgrade, which allows for easier staking of 2,048 ETH in one deposit.  ETH exchange reserves remain low at around 8.4M tokens on spot exchanges, and around 10M ETH on derivative markets. Demand from ETF remains uncertain, with days of net inflows and outflows shifting direction without warning. ETH scarcity is not as pressing as that of BTC.  The recent rounds of buying follow a capitulation even from some of the earliest ETH holders. Recently, an…

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Filed under: News - @ May 8, 2025 4:26 pm