BEARISH 📉 : Ethereum whales reduce holdings amid macroeconomic and geopolitical pressures

Ethereum's price recently reclaimed the $2,000 mark after falling below $1,800 earlier. However, it struggles to maintain this level due to various market pressures.

Whale Activity and Market Volatility

Significant reduction in Ethereum holdings by wallets with 100,000 to 1,000,000 ETH over the past 90 days.
This sell-off is occurring from non-exchange whale wallets, suggesting profit-taking or preparation for volatility.
Ethereum's price is around $2,010, indicating a 5% increase in the last 24 hours.

Impact of Global Conditions

Large ETH holders' actions may be linked to worsening macroeconomic conditions.
The Core Producer Price Index (PPI) indicates persistent inflation; the Federal Reserve is unlikely to cut interest rates soon, affecting risk assets negatively.
Geopolitical tensions between the US and Iran have increased uncertainty, leading to crypto market declines.

Ethereum

Derivatives Market Trends

Ethereum's Open Interest on exchanges dropped from 7.79 million ETH to 5.8 million ETH, mostly on Binance.
Notional Open Interest saw a sharp decline, with Binance dropping from $12.6 billion to $4.1 billion, and Bybit reduced by two-thirds to $1.9 billion.
This indicates broad deleveraging across markets due to macroeconomic and geopolitical pressures.

Ethereum

The current environment has been unfavorable for investor risk appetite, as evidenced by the behavior of ETH whales.