As a researcher, I’ve observed a significant drop in Ethereum price over the past 24 hours, attributable primarily to substantial whale activities on centralized exchanges. Specifically, a whale transferred approximately 80,000 ETH, equivalent to around $185 million, from Arbitrum. Similar movements have been noted within the same timeframe, contributing to a ripple effect in the market. This mass movement has sparked concern among investors, who fear potential large-scale sell-offs could further escalate the downward trend.
Whales Transfer Huge Ethereum Holdings
As a researcher delving into the dynamic world of cryptocurrencies, I’ve observed an intriguing pattern. Large quantities of Ethereum are being shifted by prominent players, or “whales,” into their digital wallets. A recent instance of this occurred on the Arbitrum platform, where a transfer of 80,000 ETH, equivalent to approximately $185 million, was made. This significant transaction has stirred curiosity within the crypto community, potentially fueling apprehension, which seems to have triggered a dip in Ethereum’s price.
Similarly, Hong Kong crypto firm Metalpha transferred 21,999 ETH worth $51.16 million to Binance exchanges. According to Lookonchain data, this follows a series of transactions leading to selloff fears within the community. In the last five days, Metalpha deposited $128 million worth of ETH to Binance.
As a researcher, I’ve just noted that Metalpha has once more transferred 21,999.5 ETH (approximately $51.16M) to Binance within the past hour. Over the last five days, Metalpha has deposited a grand total of 55,588 ETH ($128.7M), leaving them currently in possession of around 30,500 ETH (approximately $70.3M) on Binance.
— Lookonchain (@lookonchain) September 11, 2024
Information from the blockchain indicates that large cryptocurrency investors (whales) are transferring their holdings to centralized platforms like Coinbase, as prices decline. While more coins are flowing into these exchanges, there are also instances where they’re being withdrawn. A significant move of 4 trillion Pepe coins by a whale from Bybit exchange has sparked discussions about the potential impact on the asset’s price, given the recent market rebound.
After Bitcoin‘s price surpassed $57,000 this week, meme coins experienced a reversal in their trend. Money moving towards cryptocurrency exchanges suggests people might be selling, whereas funds leaving these exchanges for other safekeeping services are seen as long-term investments.
What’s Next For Ethereum Price?
Over the past day, the price of Ethereum fell by 1.9%, now trading at approximately $2,290. This decline has created some resistance as momentum was previously gathering pace among traders, who were pushing beyond previous resistance levels. Economic indicators suggest a potential decrease in U.S. inflation rates, fueling optimism about an upcoming Federal Reserve interest rate reduction.
For five months straight, the U.S. Consumer Price Index (CPI) has demonstrated a decrease in consumer prices, with Year-over-Year (YoY) figures at 2.5%. Optimists are now targeting interest rate cuts in September as they believe this could boost the price of Ethereum (ETH) and other digital currencies.
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2024-09-11 19:53