The purchase became the largest hourly volume for ETH futures contracts in the last seven months

Whale buys $1,7 billion worth of Ethereum futures

21.07.2022 - 13:50


2 min

What’s new? On July 20, a major Ethereum investor bought $1,7 billion worth of ETH futures contracts. This information was posted on Twitter by Web 3.0 researcher Kate Young Ju, based on data from cryptocurrency monitoring platform Crypto Quant. According to market orders, the purchase was the largest hourly volume for Ethereum futures contracts in the past seven months.

What's going on with ETH? The actions of large investors show that the recent rise in the price of the asset is gaining momentum and may continue. As of July 21 at 13:25 UTC, ETH is trading at $1499, having lost 6,54% in a day, according to Binance. At the same time, Ethereum has gained 38,43% over the week. By buying futures on ETH, investors expect to profit from the potential growth of the rate.

Earlier, Ethereum developers announced that the blockchain's transition from the Proof of Work (PoW) consensus algorithm to Proof of Stake (PoS) would take place on September 19-25. The final upgrade date will depend on the results of the merge on the Goerli test network, which is due on August 11.

Subscribe to Getblock Magazine and stay up to date with the latest news from the world of cryptocurrencies and the digital economy