Ethereum cools after hitting another new high on Sunday
Out of $315 million of total ethereum liquidations in the past 24 hours, $217 million came from long positions.
After setting a new all-time high on Friday of $4,885 only to surpass it on Sunday with a price of $4,946, ethereum’s price has dropped to about $4,625.
The volatility has resulted in $315 million in total ethereum liquidations over the past 24 hours across nine exchanges, with over $217 million stemming from long positions, per CoinGlass.
“With Ethereum hitting a new ATH, the MVRV ratio has climbed to 2.15. This means, on average, investors hold over ~2.15x unrealized gains,” according to data analytics firm Glassnode. “This level mirrors prior market structures seen in March 2024 and December 2020, both of which preceded periods of elevated volatility and profit-taking.”
Meanwhile, US spot ETFs saw $341 million in inflows on Friday led by Fidelity’s Ethereum Trust. However, the inflows weren’t enough to offset the week’s total outflows, which ended at $237.7 million, finishing a 14-week streak of positive inflows into the investment funds, data from SoSoValue shows.
Ethereum treasury firms kept busy on Monday and updated their holdings:
ETHZilla said its board of directors authorized a stock repurchase program of $250 million and announced that the firm holds 102,237 ethereum tokens with an average acquisition price of $3,948. Its total holdings stand at roughly $489 million. The company also has an additional $215 million in cash equivalents, a press release reported. The announcement follows ETHZilla saying it “may issue and sell shares of our common stock having aggregate gross sales proceeds of up to $10 billion,” where net proceeds from the offering will be used to acquire ethereum, per a Friday filing with the SEC.
BitMine Immersion Technologies, the largest ethereum treasury firm, increased its holdings by 12.5%, jumping from 1.5 million tokens last week to about 1.7 million, with a press release saying the company’s crypto and cash holdings now exceed $8.8 billion.
Fundamental Global, which aims to have a 10% stake in the ethereum network, announced it has increased its holdings to 48,545 ethereum tokens, or roughly $230 million. The firm’s average purchase price sits at $3,850.
