Unprecedented Surge in Ethereum (ETH) Whale Sales: Is Confidence Waning Among Major Holders?
- Ethereum whales have been observed engaging in substantial sell-offs, raising concerns about their long-term confidence in the asset.
- A notable transaction involved a whale moving 12,906 ETH ($24.39 million) from Binance to Lido, and later withdrawing 7,000 ETH, securing over $16 million in profits amid a fluctuating market.
- On-chain metrics reveal a significant correlation between the price of Ethereum and the number of large transactions, highlighting the influence of these large transaction volumes on Ethereum’s price dynamics.
Ethereum whales have been selling off substantial amounts of the asset, raising questions about their long-term confidence. This article delves into the details of these transactions and their potential impact on Ethereum’s price dynamics.
Ethereum Whales Engage in Major Sell-Offs
Recent on-chain data and trading activity indicate that Ethereum whales, or large holders of the cryptocurrency, are engaging in significant sell-offs. One notable transaction involved a whale who, after purchasing ETH at $1,890 last year, moved 12,906 ETH ($24.39 million) from Binance to Lido. More recently, this same investor withdrew 7,000 ETH from Lido and redeposited it onto Binance, securing over $16 million in profits amid a fluctuating market.
Impact on Ethereum’s Price Dynamics
The accompanying charts reveal a decline in the number of large transactions alongside a fluctuating price, suggesting a possible correlation between whale activities and price movements. Specifically, the total volume of large transactions has seen a noticeable dip, aligning with periods of price instability. On-chain metrics from IntoTheBlock show a significant correlation between the price of Ethereum and the number of large transactions. This relationship highlights how influential these large transaction volumes are to the price... Read the full article for FREE at COINOTAG!
