Ethereum Stays Flat Despite $153M Influx
Significant Capital Injection of $153 million into Ethereum Network - Nonetheless, this infusion failed to thaw Ethereum's price.
Hold up, ETH fanatics! It's been a rollercoaster ride, but Ethereum isn't exactly popping champagne just yet.
In the past 24 hours, Ethereum, or ETH, has been hit with a whopping $153 million in Bridged Netflow, primarily from Base. But alas, the price remains tight at press time.
So, why isn't ETH excited? Despite the liquidity inflow, there's a considerable bottleneck of selling pressure acting as a counterweight. That's right, folks, the market's mood is getting heavier by the minute, and it's putting a damper on ETH's celebration.
Is ETH's Month-old Floor Cracking?
Let's take a peek at ETH's price chart. The altcoin has been meandering in a tight consolidation range for some time now, but things are heating up. The steamy support level that's historically pushed ETH to the upside could become this time's weak link as bearish pressure catapults into action.
It's worth noting that Ethereum's Total Value Locked (TVL) stood tall at $89.13 billion on the 11th of June. But by press time, that glorious mountaintop gave way, dropping to $84.53 billion in just under 48 hours, with a $4.6 billion exit. Yikes, that's some serious liquidity outflow, my friends.
The Futures Market's Lordly Indifference
Now, let's journey to the grand world of derivatives. ETH's futures analysis paints a gloomy picture. The Open Interest, which measures the total number of outstanding contracts, plummeted from $41.43 billion to $34.66 billion. And the bigger question is, where did all those contracts go? Well, they either stepped off the dance floor or got a shocking exit during liquidation events.
To add fuel to the fire, long liquidation in the market wiped out $29.56 million, and total liquidations amounted to $13.30 million. This continued selling pressure could serve up a mean serving of further market downfalls.
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- The influx of $153 million in Bridged Netflow into Ethereum (ETH) hasn't translated into a price increase due to a notable sell-off pressure in the market.
- The market sentiment appears to be bearish, putting a damper on Ethereum's (ETH) potential celebration despite the liquidity inflow.
- In the crypto market, there seems to be a trend of contracts exiting, as evidenced by the drop in Ethereum's (ETH) Open Interest from $41.43 billion to $34.66 billion.
- The continued selling pressure in the market, including long liquidation that wiped out $29.56 million and total liquidations amounting to $13.30 million, could potentially lead to further downfalls in the Ethereum (ETH) market.
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