ETH sees surge in demand which may remain in the long term courtesy of deflationary milestone ETH shorts traders suffer as price pivots while demand for leverage recovers Ethereum’s EIP 1559 in August last year marked an important milestone for the network and ETH. The impact of that milestone is particularly evident in the fact […]
The latest ETH exchange flow data confirmed that exchange outflows are back on the rise. A consequence of the robust buying pressure observed over the last few days, a period during which its price action bounced back strongly.The aforementioned surge was strong enough to push ETH back to a new YTD high.
Shorts traders once anticipated further downside after the events of last month. However, the pivot on 9 March triggered a surge in liquidations and a shift to long positions.Demand for leverage has been declining since the end of February, likely due to concerns over market outcome in March. This has been an unsurprising outcome, one factoring the recent market events which made it more difficult to predict the next outcome.
However, we have seen an uptick in demand for leverage over the last few days, with the same corresponding with the price surge.The market will likely feature more volatility if the level of leverage continues to rise. A higher likelihood of liquidations may lead to more wild swings.Subscribe to get it daily in your inbox.
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