Ethereum futures contract sees record hourly volume.
In a tweet on Wednesday from Kate Young Ju, the sub-account of CryptoQuant CEO Ki Young Ju, it is revealed that an unknown entity has purchased $1.7 billion Ethereum future contracts in an hour, beating a seven-month hourly volume record.
“Someone(s) bought $1.7B worth $ETH futures contracts in an hour. It’s 7-month biggest hourly volume in market orders,” the CryptoQuant affiliated account tweets.
Someone(s) bought $1.7B worth $ETH futures contracts in an hour.
It's 7-month biggest hourly volume in market orders.
— Kate Young Ju (@kate_young_ju) July 19, 2022
The reason for the big splurge is unknown. Meanwhile, crypto enthusiasts in the comments remain split on how the purchase would impact the asset’s price, but many expect it to be positive in the short term at least. It is worth noting that futures contracts enable buyers and sellers to negotiate the price of an asset.
Ethereum has put up an impressive showing in recent days. The asset is up 48.79% in the last seven days, significantly outperforming Bitcoin, as Ethereum holders anticipate the migration of the asset to the proof-of-stake consensus chain.
Meanwhile, at this time, a bulk of Bitcoin investors remain in the red despite the latest market rally. CEO of the blockchain analytics firm Ki Young Ju notes that Bitcoin newcomers who constitute a bulk of the realized market cap remain in the red.
“BTC newbies who joined in early 2021 are still underwater, taking 75% of the total realized cap,” Ki Young Ju tweeted on Wednesday.
— Ki Young Ju (@ki_young_ju) July 20, 2022
However, the CryptoQuant executive notes that this indicates the price at which the next bull run should start. According to Ki Young Ju, we should expect the next bull run to start at the $30k price point.
“$30k sounds like a starting point for the next bull run,” tweeted Ki. “It doesn’t sound strange to me since most people who joined the last bull run are still underwater at that price.”
It is worth noting that the CryptoQuant executive had previously stated he expects the bull run to start after a major short squeeze event.
At the time of writing, Ethereum is trading at $1,572, inching closer to $1,600, up 3.34% in the last 24 hours. Meanwhile, Bitcoin is trading at the $23,541 price point, up 7.33% in the last 24 hours and 20.73% in the last seven days.