Ethereum derivatives data highlights the lack of short-term strength as ETH price lags Bitcoin’s recovery to the $40,000 range.
Bitcoin price may have pumped 10% to $41,000 but derivatives indicators show top traders aren’t feeling so bullish.
On-chain data shows long-term holders are back in accumulation mode after the recent shake-out cleared network congestion and shook out over-leveraged traders.
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On-chain data shows short-term Bitcoin holders continue to capitulate while long-term investors have been buying the dip in anticipation of the market moving higher.
Traders remain cautious following last week’s brutal sell-off, but on-chain data is beginning to signal increasingly bullish activity while the crypto market awaits the next major move.