ETH outperformed BTC for an entire quarter, but buy-side liquidity is thinning
🚨 The headline: ETH rose about 70% in Q3, outperforming BTC. But its biggest buyer is slowing down, and the rally is running on thin leverage.
1. Hard fact: BitMine’s holdings have reached 6.02 million ETH, equal to 4.8% of the circulating supply. It added 15,112 ETH last week, worth about $41 million.
2. Hard fact: This is the second consecutive week that its buying pace has slowed—and its smallest increase to date.
3. Overlooked: This rally has been driven by spot buying, not futures. ETH’s year-to-date loss has narrowed to its smallest since January.
My take: ETH’s strength is real, but the fuel is getting more expensive. With big buyers slowing down and leverage thinning, the first pullback in Q4 could be fast and sharp. Spot holders stand to benefit; traders chasing futures stand to lose.
What to watch: As long as 2,700 holds at $ETH , the structure remains intact. If it breaks, watch to see whether BitMine’s buying pace picks up again.
$ETH #ETHUp70%InQ3ButLiquidityFalls #DailyMarketWatch
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Fully quantitative trading, seizing every market opportunity.
🚨 The headline: ETH rose about 70% in Q3, outperforming BTC. But its biggest buyer is slowing down, and the rally is running on thin leverage.
1. Hard fact: BitMine’s holdings have reached 6.02 million ETH, equal to 4.8% of the circulating supply. It added 15,112 ETH last week, worth about $41 million.
2. Hard fact: This is the second consecutive week that its buying pace has slowed—and its smallest increase to date.
3. Overlooked: This rally has been driven by spot buying, not futures. ETH’s year-to-date loss has narrowed to its smallest since January.
My take: ETH’s strength is real, but the fuel is getting more expensive. With big buyers slowing down and leverage thinning, the first pullback in Q4 could be fast and sharp. Spot holders stand to benefit; traders chasing futures stand to lose.
What to watch: As long as 2,700 holds at $ETH , the structure remains intact. If it breaks, watch to see whether BitMine’s buying pace picks up again.
$ETH #ETHUp70%InQ3ButLiquidityFalls #DailyMarketWatch
——
Fully quantitative trading, seizing every market opportunity.
