Mysterious User Buys $1.7 Billion Ethereum Future Contracts In An Hour While Bitcoin Newbies Still Remain In Loss.

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An unknown entity purchased $1.7 billion Ethereum future contracts in an hour. This development creates a new high after beating a seven-month hourly volume record.

To back up this update, Kate Young Ju tweeted:

“Someone(s) bought $1.7B worth $ETH futures contracts in an hour. It’s 7-month biggest hourly volume in market orders,” 

Purchase May Impact Ethereum Positively

While the cause of the vast purchase remains unknown, many crypto enthusiasts in the comments remain undecided on how the acquisition would impact the asset’s price. Still, at least, many expect it to be positive in the short term. In addition, futures contracts enable buyers and sellers to negotiate the price of an asset.

Ethereum has put up an impressive showing in recent days. The second-biggest digital currency is up 48.79% in the last seven days, significantly outperforming Bitcoin, as Ethereum holders anticipate the migration of the asset to the proof-of-stake consensus chain.

Related: Ethereum Co-Founder Says Crypto Will Rise Again After Decline

CryptoQuant CEO Thinks Bitcoin Newbies Still Have a Long Way to Go 

Despite the latest market rally, many Bitcoin investors are not impressed and still suffer a loss. CEO of the blockchain analytics firm Ki Young Ju notes that Bitcoin newcomers who constitute a bulk of the realised market cap remain in the red. 

“BTC newbies who joined in early 2021 are still underwater, taking 75% of the total realised cap,” Ki Young Ju tweeted on Wednesday.

However, the CryptoQuant executive noted that the next bull run could start at the $30,000 price point.

Ki tweeted:

“$30k sounds like a starting point for the next bull run. It doesn’t sound strange to me since most people who joined the last bull run are still underwater at that price.”

Ethereum is currently trading at $1,542, inching closer to $1,600, up 1.49% in the last 24 hours. Meanwhile, Bitcoin is trading at the $23,478 price point, up 7.59% in the previous 24 hours and 19.02% in the last seven days.

Read More: Ethereum Co-Founder Slams Veteran Bitcoin Developer Over Comments Against the PoS Consensus Mechanism.