Why is ETH bearish, recently?
ETH(Ethereum) Reserve Companies including Bitmine(BMNR) have been accumulating around 200k ETH in November amid the bearish movement.
However, Spot ETH ETFs holders have been selling ETFs. The entities of selling them might be retail investors or institutions, which means it seems that only ETH Reserve Companies such as Strategy(MSTR) have been stackikg and enduring tough time.
It's a shame that I can't even know who's selling ETFs in detail.
Great work 👏
Wow, @happycapital, this is a fantastic breakdown of the recent ETH market dynamics! The contrasting visuals from CoinGlass really drive home the point – ETH reserve companies like Bitmine are scooping up ETH while ETF holders are selling. It's fascinating, and slightly concerning, that we can't pinpoint exactly who's behind those ETF sales. Your analysis raises important questions about market sentiment and the potential divergence between long-term holders and ETF investors. I'm curious to see how this plays out. Anyone else have thoughts on why we're seeing this accumulation vs. selling pattern? Thanks for sharing this insightful data! Upvoted and resteemed!