As an experienced cryptocurrency analyst, I have closely monitored the recent movements of Ethereum (ETH) whales and their impact on the market. The latest development, as reported by Lookonchain, indicates that a significant Ethereum investor transferred 10,000 ETH tokens to Kraken exchange. This comes after the whale had withdrawn an impressive 96,639 ETH from Coinbase in early September during a bear market when Ethereum was trading around $1,500.
Based on data from blockchain analysis firm Lookonchain, a person holding 10,000 Ethereum (ETH) tokens transferred these tokens to the Kraken digital asset exchange recently.
As a researcher investigating significant transactions on the Coinbase exchange during the Ethereum bear market in early September, I came across an intriguing finding: A whale, an entity known for holding large amounts of cryptocurrency, withdrew an impressive 96,639 ETH. This transaction took place when Ethereum was trading around the $1,500 mark on the exchange.
Since early March, Kraken has received approximately 40,000 ETH tokens from the whale, resulting in a substantial gain of around $178 million.
Based on data from CoinGecko, the Ethereum price now stands at $3,397 following a 2.3% decrease in value over the past 24-hour period.
Despite the successful introduction of several Ethereum-based exchange-traded products on Wednesday, leading to significant inflows of approximately $107 million as stated by U.Today, the value of the cryptocurrency is still experiencing downward pressure.
Significantly, a whale sold off its recently acquired ETH stash following the debut of Ethereum ETFs. According to U.Today’s report, an ancient Ethereum account holding approximately 1,000 ETH was reactivated just before the ETH launch date, marking the first time this wallet had been used since July.
During the past few days, there has been significant investor interest in Ethereum exchange-traded funds (ETFs). As per Teddy Fusaro from Bitwise, these investment vehicles have already transacted a total value of $852 million since their second day of trading.
Despite the significant inflows into Ethereum products from firms like BlackRock and Fidelity, Grayscale’s outflows are expected to continue having a bearish impact on Ether’s price in the short term.
“QCP holds a favorable view towards Ethereum, pointing out that it took Bitcoin over two months after Ethereum’s launch in January to achieve a new height.”
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2024-07-24 23:23