以太坊价格的下跌未能撼动长期持有者，预计波动性会急剧增加

The current bearish momentum in Ethereum price is not moving long-term holders. As reported by Crypto Quant, the large ETH deposits to derivative exchanges in an increased risk of short-term volatility.

Likely Ethereum price volatility in the short term

According to Crypto Quant, whales use coin-margined contracts to open large positions against ETH as collateral.

Reportedly, on June 22, over 170,000 ETH were into derivative exchanges in a single hour, and close to 950,000 ETH in a single day. At the same time, Bitfinex whales opened over 500.000 long ETH contracts. Those are the things that make us expect a sharp volatility increase in the coming days/weeks, with a bullish bias.

Source: Crypto Quant

According to Glassnode, many long-term Ether holders (>155 days) are sitting atop profits despite ETH/USD’s 55% decline from its peak level above $4,300.

“After almost hitting 46% of the market cap in unrealized gain, short-term holders are now holding an aggregate paper loss of -25% of the market cap”, Glassnode wrote. “Conversely, long-term holders remain firmly in profit, holding paper gains equivalent to around 80% of the market cap.”

The uncertainty surrounding Ethereum was also observed by the team at Santiment who pointed out that ETH trader sentiment was at its lowest since June 2018:

“The perception toward Ethereum here on Twitter is at its lowest levels since June 2018. Fear has gripped the crypto markets clearly, and BTC being viewed as the ‘safe haven’ as its dominance has grown could cause altcoins to actually be sneaky good.”

Source: Santiment/Twitter

The recent downward price move with a strong sell-off wiped out almost 95% of ETH’s gains during the 2017-2018 bull run and the first half of the 2021 bull run. The continued drop shows that long-term holders panic-sold their ETH holdings after seeing their paper profits disappear.

But then, the year 2018 did not have a DeFi sector that could take those holders’ ETH and return them with annualized yields like a government bond. “Unlike previous times of capitulation, many of these long-term holders can now deploy their assets in DeFi. ETH is widely deposited in lending protocols like Aave and Compound, where it currently sees over $4B outstanding deposits”, Glassnode noted.

With liquidity still strong among DeFi platforms and Ether holders’ willingness not to liquidate their assets, it’s likely that ETH can avoid a 2018-like downside correction in 2021.

截至发稿时，ETH 的交易价格为 1,907 美元，在过去 24 小时内上涨了 5%。

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帖子 以太坊价格的下跌未能撼动长期持有者，预计 AZCoin 新闻首先出现大幅波动性增加。

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原文链接：https://azcoinnews.com/the-drop-in-the-price-of-ethereum-is-failing-to-shake-out-the-long-term-holders-expect-a-sharp-volatility-increase.html

原文作者：Selena

编译者/作者：wanbizu AI

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