NewsletterEthereum (ETH) Dip Buying Spree: What Binance FTX Buy Could Lead To?
Ethereum Buy The Dip Sentiment: Ethereum (ETH) was among the assets significantly affected with the FTX Binance spat over the last few days. However, retail traders and big whales were apparently anticipating a bull run in the near future. ETH price witnessed a sharp drop potentially due to news of depleting Ethereum holdings in FTX wallets. Meanwhile, CZ announced Binance would be fully acquiring FTX, acknowledging that the Sam Bankman-Fried led exchange was facing significant liquidity issues.
Interestingly, CZ began the announcement saying FTX asked for Binance’s help. Sam Bankman-Fried had actually offered his hand for collaboration for the benefit of crypto ecosystem in his tweets yesterday. The FTX CEO said he would love it if CZ could work along with him for the ecosystem.
4) I'd love it, @cz_binance, if we could work together for the ecosystem.
— SBF (@SBF_FTX) November 7, 2022
Ethereum Dip Buying In Full Flow
On chain data suggested that all categories of Ethereum (ETH) holders are trying to accumulate and capitalize on the buy the dip trend. As of writing, ETH price stands at $1,560, up 7.78% in the last one hour, according to price tracking platform CoinMarketCap. The FTT price rose significantly after CZ and SBF’s announcement. As of writing, FTX Token price stands at $17.90, up 18.06% in the last one hour.
ETH Holder Distribution Following A Pattern
According to Santiment Insights, the Ethereum holders distribution is pointing to a clear case of buy the dip sentiment. It appears that Ethereum holders, across small, medium and large addresses, are focusing on buying the dip. Interestingly, it is the small holders with 0.01 to 10 ETH that are accumulating the most currently. This trend could potentially mean crypto investors trying to divert assets from altcoins to Ethereum, among other top cryptocurrencies. However, it remains to be seen if the bullish momentum is soon going to end.
“Taking profits from altcoins and moving back to blue chips could probably mean the end of the rally for some time.”
Earlier, it was found that over 90% of the Ethereum (ETH) holdings were dumped from the FTX main wallet. However, Sam Bankman-Fried clarified that FTX has enough assets to cover all client holdings.
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