Ethereum Speculators Add $654M Amid Price Dip to $2,800

Speculators and institutional buyers added $654 million to Ethereum bets as its price dropped below $2,800 in recent trading activity.

This event signals potential market recovery interest and showcases ongoing speculative confidence despite the price decline.

Massive $654M Bet Despite Ethereum’s Price Drop

Ethereal’s price fell under $2,800, leading to a substantial increase in speculative bets. BitMine Immersion, a key Ethereum-focused treasury firm, continued its aggressive ETH accumulation, adding $83 million worth of ETH. Prominent figures like Tom Lee of BitMine Immersion and Ki Young Ju of CryptoQuant emphasized institutional interest, suggesting Ethereum as undervalued according to multiple valuation models. This led to a buy spree despite the price decline.

Speculators Move In: $654M Ethereum Investment Surge

The plunge to below $2,800 saw speculators stepping up investments, adding $654 million in bets. On-chain data indicates a market leverage reset, reducing downside risks for Ethereum futures markets. Financial markets reflect mixed signals as price pressure continues, while signs of potential stabilization emerge. This includes strong on-chain fundamentals and growing developer activity supporting Ethereum’s valuation.

Past Corrections Hint at Possible Bullish Ethereum Rally

Similar price corrections in the past have triggered leverage resets and subsequent institutional accumulation phases. Historically, such actions often preceded bullish rallies, indicating potential future movements. Experts like Tom Lee, projecting a rebound to $7,500 for Ethereum, see potential macroeconomic shifts and Ethereum development progress as catalysts for future market behavior.

Tom Lee, Chair, BitMine Immersion, “Collectively, we see quantitative tightening and a potential Fed rate cut as positive tailwinds for ETH prices, thus we stepped up our weekly purchases of ETH by 39%.”