$ETH says whales are buying at $1,700, is that the bottom? Shadow looks at the data and thinks otherwise
ETH is currently at $1,732, and on the surface, everything seems calm. AMBCrypto reports that whales are scooping up heavily below $2K, with the headline stating "Time to buy Ethereum?"
📊 Shadow's take: This headline is misleading
Whales' spot buying and derivatives fund flows are two different animals. The ETH funding rate is only +0.0036% and is trending downwards—bullish leverage hasn't even entered the game. Open Interest has seen a slight increase, but volume confirmation is lacking.
If whales were genuinely bullish on the short-term trend, they'd be going long on perpetual contracts at the same time, driving the funding rate up to +0.05% or more. With the rate almost at zero and still going down, it indicates that big money is just picking up bargains in the spot market, while the derivatives side is in no rush to pump.
This is a classic "I believe in long-term value, but I'm not catching a falling knife in the short-term."
We'll chat again when the funding rate turns around.
💬 Data and news headlines speak different languages—do you trust the funding rate or the headline? For those holding ETH positions, did you make any moves tonight?
#ETH #ShadowShaman
ETH is currently at $1,732, and on the surface, everything seems calm. AMBCrypto reports that whales are scooping up heavily below $2K, with the headline stating "Time to buy Ethereum?"
📊 Shadow's take: This headline is misleading
Whales' spot buying and derivatives fund flows are two different animals. The ETH funding rate is only +0.0036% and is trending downwards—bullish leverage hasn't even entered the game. Open Interest has seen a slight increase, but volume confirmation is lacking.
If whales were genuinely bullish on the short-term trend, they'd be going long on perpetual contracts at the same time, driving the funding rate up to +0.05% or more. With the rate almost at zero and still going down, it indicates that big money is just picking up bargains in the spot market, while the derivatives side is in no rush to pump.
This is a classic "I believe in long-term value, but I'm not catching a falling knife in the short-term."
We'll chat again when the funding rate turns around.
💬 Data and news headlines speak different languages—do you trust the funding rate or the headline? For those holding ETH positions, did you make any moves tonight?
#ETH #ShadowShaman