Buyers Appear to Accumulate Ethereum Ahead of CPI Report — Market Talk

Investors are buying up ethereum on the spot market ahead of tomorrow's CPI report, says Jake Kennis of Nansen in a note. "Onchain data shows the contradiction clearly: smart money and whales are accumulating ETH on spot, while sophisticated traders remain net short both BTC and ETH in derivatives," says Kennis. This is seen as a method to hedge against risk from stronger inflation projections and an increased potential for interest rate hikes. Kennis says that managed money is buying ethereum at 7.2x the pace that it normally purchases it on the spot market. Ethereum is down 0.9% to $1,862, while bitcoin falls 1% to $63,455 and solana is down 1.9% to $74.94. ([email protected])