A ethereum-accumulation-in-top-gear/” rel=”nofollow”>ethereum Whale has sparked panic among community members following a recent transaction suggesting they might be looking to offload their assets. This comes amid a recent prediction of bitcoin-crash-matrixport-founder/” rel=”nofollow”>Matrixport Research Company that the price of ethereum could recover significantly from its current price level.
ethereum whales transfer 11,215 eth
In chain ethereum/0x70b9a6e9a5302fc45669680e1cc0466b738a3f3e9d72d15574a6d089f992566b” rel=”nofollow”>data shows that the ethereum whale transferred 11,215 eth ($34.3 million) to the crypto/” rel=”nofollow”>Coinbase cryptocurrency exchangeA trader usually makes this type of move by selling these tokens, and considering the amount of tokens involved, such a sale could significantly affect the price of eth. However, data from the bitcoin-time-bull-market-intotheblock-explains-why/” rel=”nofollow”>IntoTheBlock Market Intelligence Platform shows that there could be a demand for these tokens if in fact this whale is looking to dump its tokens.
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Over the past seven days, there has been a 132% increase in the ratio of large holders' net flow to exchanges' net flow, suggesting that ethereum whales are actively accumulating more eth. Flow metrics also show an accumulation trend among ethereum-hodling-diamond-hands-own-78-of-supply/” rel=”nofollow”>ethereum Holderswith inflows into the stock markets down more than 11% over the past seven days.
During this period, the outflow volume from these exchanges has increased by 3%, further confirming that ethereum investors are looking to hold their positions and accumulate more eth at the moment. This is certainly a positive development for the ethereum price, which could experience a significant rally thanks to this wave of accumulation.
Research firm Matrixport also x.com/Matrixport_EN/status/1810211157627838681″ rel=”nofollow”>foretold that the price of eth would recover from its current price level thanks to the ethereum-etfs-hashdex/” rel=”nofollow”>ethereum Spot ETFwhich they say could be launched this week.
While that remains uncertain, market experts like it Bloomberg analyst James Seyffart have suggested that it shouldn't be too long before these spot ethereum ETFs begin trading. This is because fund issuers have implemented most of the feedback that the Securities and Exchange Commission (SEC) had in their S-1 filings.
eth is primed for a rally
ethereum-drained-exchanges-eigenlayer-eth-bulls/” rel=”nofollow”>Cryptocurrency analyst Leon Waidmann mentioned in an x (formerly twitter) x.com/LeonWaidmann/status/1810943563641016835″ rel=”nofollow”>mail that ethereum is primed for a rally. He made this claim based on the declining supply of ethereum. He noted that 40% of ethereum’s supply is locked, with 28% staked and the other 12% held in smart contracts and bridges.
Furthermore, Waidmann expects this supply to continue to shrink once ethereum-spot-etfs-trading/#:~:text=Bloomberg%20analyst%20James%20Seyffart%20has,approval%20would%20come%20this%20week.” rel=”nofollow”>ethereum Spot ETF start operating, with institutional investors This takes away a large portion of the supply from exchanges. Based on this, ethereum could recover thanks to the dynamics of supply and demand, as demand will surely outstrip supply at some point.
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crypto analyst Follis x.com/follis_/status/1810679992029737459″ rel=”nofollow”>mentioned that ethereum's chart looks identical to bitcoin's just before it surged over 200% last year. He suggested that ethereum-etfs-bitcoin/” rel=”nofollow”>ethereum Spot ETF It could be the catalyst that triggers a similar rally for eth.
Featured image created with Dall.E, chart from Tradingview.com
