Ethereum ($ETH) Reserves are moving in different directions across major crypto exchanges.
Cryptoquant analyst Amr Taha said that while Gemini and Bitfinex have experienced significant outflows, Binance’s holdings have remained largely stable.
658,600 fewer $ETH at the exchange
Data shared by Taha shows Gemini’s Ethereum reserves have decreased to 384,400 $ETH This is the lowest level since March 2024.
Specifically, the exchange lost approximately $188,600. $ETHor 32.9% since owning 573,000. $ETH April 23rd.
Meanwhile, Bitfinex has also seen a significant decline. Ethereum reserves decreased from 2.71 million $ETH 2.24 million people on May 11th $ETH. This equates to a reduction of approximately 470,000 jobs. $ETH17.3%.
Meanwhile, Binance’s Ethereum reserves are almost unchanged at around 3.8 million. $ETH during the same period.
Gemini and Bitfinex combined lost about 658,600 holdings. $ETH than before. At Ethereum’s current price of about $1,880, the savings would be worth about $1.24 billion.
Taha said the amount of currency will decrease due to a decrease in exchange balances. $ETH You will be able to trade immediately. However, reserve movements alone cannot indicate investor intent or predict Ethereum’s future price direction.
Binance Ethereum’s funding rate reaches its highest level in six months due to improved market sentiment
In another market update, Arab Chain highlighted the improving sentiment in the Ethereum derivatives market.
The 30-day simple moving average (SMA) of Binance’s Ethereum perpetual contract funding rate rose to around 0.00339. This is the highest level in six months, $ETH It is trading around $1,920.
The funding rate represents the cost that a trader pays to maintain a leveraged position. An increase in positive funding rates typically indicates increased demand for long positions and growing bullish sentiment.
The index has reversed after several months of decline, Arab Chain said. This change comes in the wake of the recent recovery in Ethereum’s price.
$ETH is trading at $1,885, down 2.3% from the previous day, but still up 2.56% over the past week. Also, if you look at the monthly chart, $ETH It has increased by 13%.
Fundamentally, derivatives market movements suggest that traders are willing to pay to hold long positions, which reflects expectations that: $ETH It may continue to move to higher positions.
However, Arab Chain noted that funding rates remain below the historically high levels seen before major market corrections.
He added that the continued increase could indicate increased leverage in the market. This could increase the risk of widespread liquidation if Ethereum faces a sharp price decline.
