{"id":609102,"date":"2024-05-21T15:00:14","date_gmt":"2024-05-21T15:00:14","guid":{"rendered":"https:\/\/shenyangcang.com\/?p=609102"},"modified":"2024-05-21T13:40:02","modified_gmt":"2024-05-21T13:40:02","slug":"bulls-ethereum-longs-biggest-candle-etf-news","status":"publish","type":"post","link":"https:\/\/shenyangcang.com\/news\/ethereum\/bulls-ethereum-longs-biggest-candle-etf-news\/","title":{"rendered":"Bulls In Control: Ethereum Longs See Biggest Candle Ever After ETF News"},"content":{"rendered":"

Data suggests users on Binance responded to the Ethereum exchange-traded fund (ETF) news by aggressively longing the cryptocurrency.<\/p>\n

Ethereum Net Taker Volume On Binance Has Just Seen Its Biggest Candle Ever<\/h2>\n

As explained by CryptoQuant community manager Maartunn in a post<\/a> on X, the Ethereum Net Taker Volume has observed a sharp increase after rumors<\/a> have surfaced that the ETH spot ETFs have a renewed chance of gaining approval.<\/p>\n

The “Net Taker Volume<\/a>” here refers to an indicator that keeps track of the difference between the ETH taker buy and taker sell volumes on any given centralized exchange.<\/p>\n

Related Reading: Litecoin Whales Go On $230 Million Buying Spree: Will This Change LTC\u2019s Stars?<\/a><\/div>\n

When the value of this metric is positive, it means that the taker buy or long volume is outpacing the taker sell or short volume on the platform right now. Such a trend implies a bullish sentiment is dominant among the investors.<\/p>\n

On the other hand, the indicator being negative suggests the presence of a majority bearish mentality among the users of the exchange as the shorts are outpacing the longs.<\/p>\n

Now, here is a chart that shows the trend in the Ethereum Net Taker Volume on the cryptocurrency exchange Binance<\/a> over the last few years:<\/p>\n

\"Ethereum
The value of the metric appears to have been quite high in recent days | Source: @JA_Maartun on X<\/a><\/figcaption><\/figure>\n

As displayed in the above graph, the Ethereum Net Taker Volume on Binance has just registered a huge positive spike, the implying investors have just opened a large amount of longs on the platform.<\/p>\n

More specifically, the indicator’s value during this spike has been $530 million, which, according to the analyst, is the single largest spike the cryptocurrency has ever seen.<\/p>\n

“Binance-traders are longing the Ethereum ETF-news like there is no tomorrow,” notes Maartunn. This isn’t particularly surprising, considering the market is very well aware what a spot ETF could mean for the asset after having witnessed what went down for Bitcoin.<\/p>\n

The ETF news pre-approval had been bullish for BTC and while the approval itself had initially led to bearish price action, it eventually paid off for the asset as capital started rapidly flowing in through these investment vehicles and the coin enjoyed a rally that led to a new all-time high (ATH).<\/p>\n

In another X post<\/a>, the CryptoQuant analyst pointed out that the Ethereum Open Interest has shot up as well. The “Open Interest<\/a>” measures the total amount of ETH-related positions that are currently open on all derivative exchanges.<\/p>\n

\"Ethereum
Looks like the indicator has observed some sharp uptrend recently | Source: @JA_Maartun on X<\/a><\/figcaption><\/figure>\n

This trend isn’t that unexpected, given that derivatives users have been opening a large amount of longs for the asset. With this rapid surge, the Ethereum Open Interest has managed to set a new ATH.<\/p>\n

Related Reading: Bitcoin \u201cProfit-Taking Has Completed,\u201d Top Analyst Reveals<\/a><\/div>\n

Historically, intense speculation has generally led to more volatility for the coin, as the risk of large liquidations happening can become high in such periods. As such, this Open Interest spike may signal some turbulent times ahead for Ethereum.<\/p>\n

ETH Price<\/h2>\n

So far in the rally fueled by the ETF news, Ethereum has managed to break past the $3,800 level, which is a milestone the coin hadn’t achieved since mid-March.<\/p>\n

\"Ethereum
The price of the coin appears to have lifted off during the past 24 hours | Source: ETHUSD on TradingView<\/a><\/figcaption><\/figure>\n
Featured image from Shutterstock.com, CryptoQuant.com, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Data suggests users on Binance responded to the Ethereum exchange-traded fund (ETF) news by aggressively longing the cryptocurrency. Ethereum Net Taker Volume On Binance Has Just Seen Its Biggest Candle Ever As explained by CryptoQuant community manager Maartunn in a post on X, the Ethereum Net Taker Volume has observed a sharp increase after rumors have surfaced that the ETH spot ETFs have a renewed chance of gaining approval. The “Net Taker Volume” here refers to an indicator that keeps track of the difference between the ETH taker buy and taker sell volumes on any given centralized exchange. Related Reading: Litecoin Whales Go On $230 Million Buying Spree: Will This Change LTC\u2019s Stars? When the value of this metric is positive, it means that the taker buy or long volume is outpacing the taker sell or short volume on the platform right now. Such a trend implies a bullish sentiment is dominant among the investors. On the other hand, the indicator being negative suggests the presence of a majority bearish mentality among the users of the exchange as the shorts are outpacing the longs. Now, here is a chart that shows the trend in the Ethereum Net Taker Volume on the cryptocurrency exchange Binance over the last few years: As displayed in the above graph, the Ethereum Net Taker Volume on Binance has just registered a huge positive spike, the implying investors have just opened a large amount of longs on the platform. More specifically, the indicator’s value during this spike has been $530 million, which, according to the analyst, is the single largest spike the cryptocurrency has ever seen. “Binance-traders are longing the Ethereum ETF-news like there is no tomorrow,” notes Maartunn. This isn’t particularly surprising, considering the market is very well aware what a spot ETF could mean for the asset after having witnessed what went down for Bitcoin. The ETF news pre-approval had been bullish for BTC and while the approval itself had initially led to bearish price action, it eventually paid off for the asset as capital started rapidly flowing in through these investment vehicles and the coin enjoyed a rally that led to a new all-time high (ATH). In another X post, the CryptoQuant analyst pointed out that the Ethereum Open Interest has shot up as well. The “Open Interest” measures the total amount of ETH-related positions that are currently open on all derivative exchanges. This trend isn’t that unexpected, given that derivatives users have been opening a large amount of longs for the asset. With this rapid surge, the Ethereum Open Interest has managed to set a new ATH. Related Reading: Bitcoin \u201cProfit-Taking Has Completed,\u201d Top Analyst Reveals Historically, intense speculation has generally led to more volatility for the coin, as the risk of large liquidations happening can become high in such periods. As such, this Open Interest spike may signal some turbulent times ahead for Ethereum. ETH Price So far in the rally fueled by the ETF news, Ethereum has managed to break past the $3,800 level, which is a milestone the coin hadn’t achieved since mid-March. Featured image from Shutterstock.com, CryptoQuant.com, chart from TradingView.com<\/p>\n","protected":false},"author":542,"featured_media":609146,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[8323,1946,87803,92334,10384,86557,89930,8686],"class_list":["post-609102","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-eth","tag-ethereum","tag-ethereum-bulls","tag-ethereum-candle","tag-ethereum-etf","tag-ethereum-longs","tag-ethereum-spot-etf","tag-ethusd"],"acf":[],"yoast_head":"\nBulls In Control: Ethereum Longs See Biggest Candle Ever After ETF News<\/title>\n<meta name=\"description\" content=\"Data suggests users on Binance responded to the Ethereum exchange-traded fund (ETF) news by aggressively longing the cryptocurrency.\" \/>\n<meta name=\"robots\" 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/shenyangcang.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bulls In Control: Ethereum Longs See Biggest Candle Ever After ETF News","url":"http:\/\/shenyangcang.com\/news\/ethereum\/bulls-ethereum-longs-biggest-candle-etf-news\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/shenyangcang.com\/news\/ethereum\/bulls-ethereum-longs-biggest-candle-etf-news\/"},"thumbnailUrl":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/05\/shutterstock_1029670141-1.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/05\/shutterstock_1029670141-1.jpg?fit=7810%2C4675"},"articleSection":"Ethereum","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["eth","ethereum","ethereum bulls","ethereum candle","ethereum etf","ethereum longs","ethereum spot etf","ethusd"],"dateCreated":"2024-05-21T15:00:14Z","datePublished":"2024-05-21T15:00:14Z","dateModified":"2024-05-21T15:00:14Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bulls In Control: Ethereum Longs See Biggest Candle Ever After ETF News\",\"url\":\"http:\\\/\\\/shenyangcang.com\\\/news\\\/ethereum\\\/bulls-ethereum-longs-biggest-candle-etf-news\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/shenyangcang.com\\\/news\\\/ethereum\\\/bulls-ethereum-longs-biggest-candle-etf-news\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/shenyangcang.com\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/shutterstock_1029670141-1.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/shenyangcang.com\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/shutterstock_1029670141-1.jpg?fit=7810%2C4675\"},\"articleSection\":\"Ethereum\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/shenyangcang.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"eth\",\"ethereum\",\"ethereum bulls\",\"ethereum candle\",\"ethereum etf\",\"ethereum longs\",\"ethereum spot etf\",\"ethusd\"],\"dateCreated\":\"2024-05-21T15:00:14Z\",\"datePublished\":\"2024-05-21T15:00:14Z\",\"dateModified\":\"2024-05-21T15:00:14Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/shenyangcang.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/05\/shutterstock_1029670141-1.jpg?fit=7810%2C4675","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/posts\/609102"}],"collection":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/comments?post=609102"}],"version-history":[{"count":0,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/posts\/609102\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/media\/609146"}],"wp:attachment":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/media?parent=609102"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/categories?post=609102"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/tags?post=609102"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}