In a similar vein, ETH is back above the $1,100 mark and the 100-hour moving average, after posting a 5% gain in the same period. There is a clear break above a major bearish line near the $1,085 level on ETH's hourly chart, suggesting a strengthening case for more upside gains. Meanwhile, $3.3 billion in options open interest, mainly 103k BTC contracts and 1.1 million ETH contracts, are about to expire this Friday. The current max pain point for BTC is around $29k and $1,750 for ETH.
However, on-chain metrics are flagging more positive signals as far as fundamentals are concerned. For one, the divergence between address activities on the Bitcoin network and the price of BTC has reached the most optimistic level since December 2020. Robust on-chain activities in the face of weakening spot prices suggest that the price and value of BTC have been decoupling.
Talk of the Town
The Harmony Blockchain network has announced that Horizon, its cross-chain bridge to Ethereum, fell victim to a theft of approximately $100 million in ETH and other tokens. With the help of forensic specialists, the team has identified the address of the culprit, and has since notified exchanges and halted operations on the Horizon bridge to prevent further transactions. As of the time of writing, the team reiterated that the trustless BTC bridge is unaffected by the theft, and related assets stored on decentralized vaults remain safe.
