![Assessing Ethereum [ETH] derivatives demand behavior ahead of 2023](https://i.headtopics.com/images/2022/12/9/cryptoamb/assessing-ethereum-eth-derivatives-demand-behavior-assessing-ethereum-eth-derivatives-demand-behavior-1601057298658500609.webp)
Does ETH’s current derivatives demand match the spot market outcome? Assessing the level of leverage, whale activity, and liquidations in the market. Glassnode alerts just revealed that the ETH supply last active in the last one to four weeks has increased to a monthly high. This is a refreshing take from the relative inactivity we […]
supply distribution reveals an interesting observation from ETH’s top addresses. It turns out that top addresses have been more active, especially in the last four days. Some of the top addresses including those holding between 10,000 and one million ETH added to their balances this week.Meanwhile, addresses holding between 1,000 and 10,000, as well as those holding between one million and 10 million coins slashed their balances.
The first key observation from the derivatives market is that the demand for ETH from this segment has improved slightly in the last few days. This is reflected in the uptick in ETH’s open interest from 5 December.Nevertheless, the uptick demonstrates low enthusiasm among investors, hence suggesting a lack of strong demand. The Ethereum long liquidations metric has achieved an overall net downside in the last three days. This confirms a drop in the number of liquidated long positions.
This is likely the most probable outcome given the downside observed in the estimated leverage ratio. The latter has been on an overall downward trajectory for the last three weeks.Judging by the above observations in the derivatives market, we can conclude that demand is starting to recover. However, investors are still avoiding leverage likely due to the high levels of uncertainty in the market.
Why is this important? Well, when the markets shifted to a preference for short-term trades due to lower volatility, traders opted to use leverage to achieve significant profits. Unfortunately, recent conditions underscore a shakeup seemingly targeting leverage traders. As a result, ETH’s price action has demonstratedRead the best crypto stories of the day in less than 5 minutes
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