Ethereum
Nearly $70 Million in Ethereum (ETH) Sent to Major Exchange
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Ethereum (ETH) whales appear to be triggering a potential selloff today as nearly $70 million worth of the cryptocurrency was transferred to Binance, one of the world’s largest cryptocurrency exchanges. The move has sparked concerns among ETH traders about a potential market downturn.
Whale Alert, a leading blockchain tracking service, reported two large transactions early this morning. The first tweet revealed that 9,999 ETH, worth about $34.3 million, was transferred from an unknown wallet to Binance. Shortly after, Whale Alert tweeted again disclose that an additional 7,413 ETH, worth approximately $25.4 million, was transferred from an unknown wallet to Binance.
These transactions total 17,412 ETH, or about $69.86 million at current market prices. Such large transfers to an exchange usually signal an impending sale, as whales — large cryptocurrency holders — often move their assets to exchanges when they intend to sell them.
Wider market impact
The news of these substantial transfers has already had a palpable effect on the market. Ethereum price has shown increased volatility following the alerts, with traders closely monitoring Binance for any signs of large-scale selling activity. The potential selling by these whales could put downward pressure on the price of ETH, impacting the wider market Also.
Historically, large movements in whale accounts have led to notable price fluctuations. When large amounts of cryptocurrency are sold, it can trigger a domino effect, causing other traders to panic and sell their holdings, further driving the price down.
At the time of writing, the price of Ethereum is $3,447.60. It has dropped by 0.30% in the last 24 hours. However, the price of ETH has dropped by 8.94% in the last 30 days due to the ongoing bearish phase in the broader market. While the final impact on the price of Ethereum remains to be seen, the movement of such large amounts of ETH to an exchange is a signal that cannot be ignored.
About the Author
Mushumir Butt
With over three years of experience in the cryptocurrency industry, Mushumir is a seasoned author dedicated to understanding the complexities of blockchain technology and decentralized finance. From dissecting the latest blockchain innovations to demystifying trading strategies, he brings a unique blend of technical knowledge and communicative flair to the crypto space. Having authored countless articles, analyses, and market reports, Mushumir has developed a distinctive voice that resonates with both seasoned investors and those new to the cryptocurrency space.