Leading crypto exchange Binance Futures has announced that the USDⓈ-M BLUR perpetual contract will be launched on April 28. According to the information shared by Binance, the leverage ratio will increase up to 20 times. Parallel to this development, whales added up to 2 million altcoins to their bags. Here are the details.
Binance announcement
USDⓈ-margined contracts are settled in USDT or BUSD. Unlike traditional futures contracts, perpetual contracts do not have an expiration date, so traders can hold them for as long as they want.
Binance Futures will offer users high leverage with this new contract. According to the statement made by the exchange, users will be able to use up to 20 times leverage. The use of such high leverage ratios also carries high risks. Before making leveraged transactions, it is necessary to make a good market analysis and evaluate the risks beforehand. Leading exchanges like Binance are trying to provide users with the tools they need to succeed in the cryptocurrency market. However, it is important for each user to act according to their own risk profile.
The altcoin price increased by about 10% on this news.
Whales bought 2 million BLUR
Following major whale transactions, @lookonchain reported that three ETH wallets bought as much as 2 million from the altcoin after the price of BLUR soared. The whales in question purchased BLUR for well below the 690 ETH (equivalent to around $1.28 million USD) they withdrawn after the Shapella upgrade was integrated into Ethereum on April 15.
the price of $BLUR has risen by ~10% with the announcement of launching $BLUR perpetual ten #Binance.
NEWS CONTINUES BELOWWe noticed 3 $ETH withdrawers withdrew a total of 686 $ETH ($1.28M) on Apr 15, then used all funds to buy 2M $BLUR ($1.42M currently) today, the average price is $0.636. pic.twitter.com/LsPsMvDSN5
— Lookonchain (@lookonchain) April 27, 2023
Finally, according to data provided by CoinMarketCap at press time, BLUR is trading at $0.7027.
You can follow the current price action here.