A CryptoQuant Analyst has identified a significant systemic buying trend in Ethereum, suggesting a rising influx of strategic investments into the blockchain network.
Analyst Reveals Ethereum Systemic Buying Trend
A crypto market observer and a contributing analyst at CryptoQuant, Maarten Regterschot has taken to (formerly Twitter) to publish a systemic buying trend he witnessed in Ethereum. The analyst presented a chart indicating that one or more investors have been engaging in Time Weighted Average Price (TWAP) buying on
Regterschot stated that the linear increase in suggests that there has been systemic buying of ETH assets for an extended period of time. He revealed that approximately $700 million has already been added to the market.
“Someone(s) are TWAP-buying on Ethereum futures. This linear growth in open interest indicates systematic buying over a certain period. There is $700 million added so far,” Regterschot said.
Systemic buying in this context involves crypto investments made at regular and periodic intervals. TWAP on the other hand is the measure of an asset’s average price over a specific time period.
This systemic buying trend suggests a growing demand for by investors over a long period. The trend also coincides with the latest Ethereum developments in the crypto space, including the growing applications on Ethereum Spot ETFs and its potential approval by the United States Securities and Exchange Commission (SEC).
The analyst has not revealed insights into the motives behind this systemic buying of Ethereum. However, the developments could become a catalyst for a potential bullish momentum for Ethereum (ETH).
ETH Price Holds $2000 Mark
has seen multiple upticks within the last few months, allowing the cryptocurrency to finally cross the $2,000 mark. According to CoinMarketCap, Ethereum’s price is up by 2.3% and trading at $2,062 at the time of writing. Although its overall market capitalization is down by 23.31%, the cryptocurrency has been experiencing a fair amount of price increases recently.
As the potential approval of Ethereum Spot ETFs by the US SEC looms next year, many investors are currently holding their crypto assets as they gear up for a possible bull run. There have also been several optimistic price projections for the ETH token. Some analysts have predicted that the price of the cryptocurrency will reach $2,250 if it succeeds in crossing multiple resistance levels.
ETH price falls to $2,055 | Source:
