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

As a seasoned analyst with over two decades of experience in the ever-evolving world of digital assets, I find myself intrigued by the recent events unfolding on Satoshi Street. The transfer of Ethereum from Plus Token wallets has indeed caused a stir, but my investigation suggests that it’s not the impending liquidation storm some may fear.


On Wednesday, there was a significant stir on Satoshi Street due to the movement of Ethereum by Plus Token wallets. Upon closer examination, it appears that this large-scale Ethereum transfer does not pose a significant risk for upcoming liquidations.

Plus Token Ethereum Sell-Off Isn’t Coming

Yesterday’s findings revealed that wallets connected to China associated with the Plus Token platform had transferred significant amounts of Ethereum, following a period of inactivity lasting nearly 3.5 years. This news sent ripples through the cryptocurrency market, causing a sense of unease as traders anticipated potential large-scale liquidations of Ethereum in the near future.

In my analysis, I uncovered that approximately 789,534 Ether (ETH) were transferred from various wallets to the Bidesk exchange between June and September of 2021. Unfortunately, by the end of the year, Bidesk went bankrupt. However, it’s important to note that these Ethereum did not stay in Bidesk’s possession. Instead, they were transferred to another crypto exchange, Huobi. Interestingly, around 268,843 ETH were deposited into Bidesk through four specific addresses.

As a crypto investor, I’ve noticed that an investigation has uncovered some intriguing findings. In the past 30 hours, a dozen addresses have received ETH linked to Plus Token, amassing a total of approximately 25,757 ETH, equivalent to around $63.1 million. Interestingly, some of these ETH weren’t transferred to Binance in 2021, while others were withdrawn from Binance but not moved to Huobi.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:
Approximately 789,534 ETH, a majority of which entered Binance exchange between the months of June to September in 2021 (this exchange closed at the end of 2021), and then were withdrawn and transferred to Huobi.
— 余烬 (@EmberCN) August 7, 2024

ETH Whale Dumping Continues

Although it’s clear how Plus Token wallet transfers are occurring, the price of Ethereum has been experiencing increased selling pressure lately due to the resurgence of large-scale Ethereum sell-offs, according to on-chain analysis.

A massive whale (a large individual or entity in the cryptocurrency market) recently transferred approximately 5,000 Ether (ETH), which is equivalent to around $11.6 million, to the crypto exchange OKX. Over the past month, this same whale has deposited a grand total of 38,501 ETH, valued at approximately $129 million.

According to SpotonChain, large amounts of cryptocurrency deposits are originating from an account identified as “0x60e,” which carried out significant purchases during the years 2016 to 2018.

A giant whale deposited 5,000 $ETH ($11.6M) to #OKX again 5 hours ago!
Previously, this whale transferred approximately 38,501 ETH (equivalent to around $129 million) to OKX at about $3,354 per ETH within the last month, prior to the recent price drop.
Note that most of this giant’s $ETH came from the wallet “0x60e” which withdrew $ETH from…
— Spot On Chain (@spotonchain) August 8, 2024

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2024-08-08 12:42