Why Plus Token-Driven ETH Selloff Is Not Big As It Seems

full version at coingape

The transfer of Ethereum by the Plus Token wallets led to a major uproar on Satoshi Street on Wednesday. However, further investigation shows that the massive ETH transfer isn’t a matter of much concern about future liquidations.

Plus Token Ethereum Sell-Off Isn’t Coming

Yesterday’s report stated that the Plus Token wallets linked to China have moved large quantities of ETH after 3.3 years of dormancy. The crypto market turned a bit jittery expecting major liquidations for ETH moving ahead.

As per the investigation by EmberCN, a total of 789,534 ETH moved to the Bidesk exchange from multiple wallets in the period between June and September 2021. However, as the exchange turned bankrupt by the end of the year, these Ethereum moved to the crypto exchange Huobi. Reportedly, 268,843 ETH were routed to Bidesk via four specific deposit addresses.

The investigation also shows that 12 addresses that received Plus Token-related ETH in the last 30 hours have accumulated 25,757 ETH worth $63.1 million. Some of these ETH were never transferred to Bidesk in 2021, while others were withdrawn from Bidesk but not moved to Huobi.

今晚关于 Plus Token 相关的休眠钱包正转移大量 ETH 的消息大家很关注，我查看了链上数据，有几点信息同步给大家参考：

1⃣这 789,534 ETH 其中大部分在 2021 年 6-9 月就通过多个地址进入了 Bidesk 交易所 (这个交易所在 2021 年底倒闭了)，然后又从 Bidesk 取出转进 Huobi。
其中仅通过下图中四个… https://t.co/LEFz8exkZf pic.twitter.com/8oMfW3IzXo

— 余烬 (@EmberCN) August 7, 2024

ETH Whale Dumping Continues

Despite the clarity behind the Plus Token wallet transfers, the Ethereum price has come under selling pressure recently as the dumping by the Ethereum whales has picked up once again as per the on-chain data.

A giant whale has sent 5,000 ETH, valued at $11.6 million, to crypto exchange OKX a few hours before. Over the past month, the same whale has deposited a total of 38,501 ETH worth $129 million.

SpotonChain reported that these giant whale deposits are coming from a particular added “0x60e” which made a huge acquisition in the period between 2016 to 2018.

A giant whale deposited 5,000 $ETH ($11.6M) to #OKX again 5 hours ago!

This whale had already deposited 38,501 $ETH ($129M) to OKX at ~$3,354 in the past month before the recent dump.

Note that most of this giant’s $ETH came from the wallet “0x60e” which withdrew $ETH from… pic.twitter.com/rKRAbFBjaf

— Spot On Chain (@spotonchain) August 8, 2024