Brace For Impact: Ethereum Whales Send Over $205 Million To Coinbase
2024年7月31日 - 6:00AM
NEWSBTC
On-chain data suggests that some Ethereum whales might be jumping
off the bandwagon amidst the ongoing tug-of-war between bulls and
bears. This phenomenon has become increasingly evident as
transaction data from whale trackers reveals a significant uptick
in whale activity over the past 24 hours. The majority of these
transactions are directed towards various crypto exchanges,
indicating a possible shift in strategy or sentiment among these
large-scale investors. Notably, on-chain transaction alerts
from Whale_Alerts show that approximately $205 million worth of ETH
has been transferred into crypto exchange Coinbase from unknown
wallets within the past 24 hours. Ethereum Whales Send Huge
Amounts To Coinbase As noted earlier, transaction alerts from whale
transaction tracker Whale_Alerts show that 61,819 ETH were sent to
the crypto exchange Coinbase in the past 24 hours from whale
wallets. These transactions, collectively worth $205 million at the
time of transfer, were made known through the social media platform
X. Related Reading: Solana Confirms Upside Breakout With Bullish
Pennant – Here’s The Target It is interesting to note that the
movement into Coinbase wasn’t made through a lump sum but was made
through a series of five transfers, each with an average of 10,290
ETH worth over $34 million. Interestingly, the transfers were made
in such a consecutive manner that it might suggest that they were
controlled by the same entity. Regardless, the movement of such a
significant amount of ETH has ignited attention, as evidenced by
comments on the alerts on X. Observers are speculating about the
intentions behind these transfers, with most suggesting a potential
liquidation. 🚨 🚨 10,291 #ETH (34,116,942 USD) transferred
from unknown wallet to #Coinbasehttps://t.co/nDVnyKT28v — Whale
Alert (@whale_alert) July 29, 2024 🚨 🚨 10,291 #ETH (34,162,130 USD)
transferred from unknown wallet to #Coinbasehttps://t.co/Z5vofQNoso
— Whale Alert (@whale_alert) July 29, 2024 🚨 🚨 10,323 #ETH
(34,492,433 USD) transferred from unknown wallet to
#Coinbasehttps://t.co/Z5rp3IHwFe — Whale Alert (@whale_alert) July
29, 2024 🚨 🚨 10,291 #ETH (34,097,937 USD) transferred from unknown
wallet to #Coinbasehttps://t.co/dUggaEZ0XM — Whale Alert
(@whale_alert) July 29, 2024 🚨 🚨 🚨 20,623 #ETH (68,335,696 USD)
transferred from Coinbase Institutional to unknown new
wallethttps://t.co/62HNL1iGxi — Whale Alert (@whale_alert) July 29,
2024 What Does This Mean For ETH? The increase in whale activity
comes at a time when Ethereum is experiencing considerable
volatility. ETH bulls and bears are currently engaged in a fierce
battle for control after the launch of Spot Ethereum ETFs.
Crypto whales have considerable influence over market dynamics.
Their actions are closely monitored by retail traders and analysts.
As a result, these substantial Ethereum transfers to Coinbase could
have significant implications for the cryptocurrency market. When
large amounts of ETH move to exchanges, it often signals an
intention to sell, which may lead to increased selling pressure.
This influx of supply could drive down the price of Ethereum in the
short term. Related Reading: Technical Indicators Show Strong
Bitcoin Bullishness – New ATH On The Horizon? At the time of
writing, Ethereum is trading at $3,340 and has struggled to
maintain a position above a significant resistance level of $3,357.
This resistance point represents a formidable order block, which
has consistently posed challenges for bullish investors in the past
30 days. The recent substantial transfers of Ethereum to Coinbase
likely contributed to the difficulty in overcoming this
resistance. Despite this, there is a prevailing bullish
sentiment within the trading community, with many traders
anticipating initial breakouts above key order blocks around $3,357
and $3,540. In other news, the Ethereum community recently
celebrated the cryptocurrency’s 9th birthday. Happy 9th birthday,
Ethereum! Looking forward to seeing what the next decade brings.
pic.twitter.com/bXq56mIff7 — vitalik.eth (@VitalikButerin) July 30,
2024 Featured image created with Dall.E, chart from Tradingview.com
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