NEWSLETTER
On-chain data suggests that some ethereum whales could be jumping off the bandwagon amid the ethereum-whales-undeterred-by-price-drop-move-3-50-million-eth/” rel=”nofollow”>tug of war in progress between bulls and bears. This phenomenon has become increasingly evident as transaction data from whale trackers reveals a ethereum-activity-what-it-means-for-altcoin-performance-time-to-buy-altcoins/” rel=”nofollow”>Significant increase in whale activity Over the past 24 hours, most of these transactions have been directed at various cryptocurrency exchanges, indicating a possible change in strategy or sentiment among these large investors.
In particular, on-chain transaction alerts from Whale_Alerts show that approximately $205 million worth of eth has been transferred to cryptocurrency exchange Coinbase from unknown wallets in the past 24 hours.
ethereum whales send huge amounts to Coinbase
As noted above, transaction alerts from whale transaction tracker Whale_Alerts show that 61,819 eth was sent to cryptocurrency exchange Coinbase in the past 24 hours from whale wallets. These transactions, which together were worth $205 million at the time of transfer, were made public via social media platform x.
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It is interesting to note that the move to Coinbase was not done through a lump sum, but rather through a series of five transfers, each averaging 10,290 eth worth over $34 million. Interestingly, the transfers were done so consecutively that it could suggest they were controlled by the same entity. Regardless, the movement of such a significant amount of eth has raised eyebrows, as evidenced by comments on alerts on x. Observers are speculating on the intentions behind these transfers, with most suggesting a possible liquidation.
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10,291 twitter.com/hashtag/eth?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#eth (34,116,942 USD) transferred from an unknown wallet to twitter.com/hashtag/Coinbase?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#Coinbasehttps://t.co/nDVnyKT28v
— Whale Alert (@whale_alert) twitter.com/whale_alert/status/1817987292725690807?ref_src=twsrc%5Etfw” rel=”nofollow”>July 29, 2024
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10,291 twitter.com/hashtag/eth?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#eth (34,162,130 USD) transferred from an unknown wallet to twitter.com/hashtag/Coinbase?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#Coinbasehttps://t.co/Z5vofQNoso
— Whale Alert (@whale_alert) twitter.com/whale_alert/status/1818021036866113784?ref_src=twsrc%5Etfw” rel=”nofollow”>July 29, 2024
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10,323 twitter.com/hashtag/eth?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#eth
— Whale Alert (@whale_alert) twitter.com/whale_alert/status/1818045300281360862?ref_src=twsrc%5Etfw” rel=”nofollow”>July 29, 2024
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10,291 twitter.com/hashtag/eth?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#eth (34,097,937 USD) transferred from an unknown wallet to twitter.com/hashtag/Coinbase?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#Coinbasehttps://t.co/dUggaEZ0XM
— Whale Alert (@whale_alert) twitter.com/whale_alert/status/1818009438478872897?ref_src=twsrc%5Etfw” rel=”nofollow”>July 29, 2024
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20.623 twitter.com/hashtag/eth?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#eth (68,335,696 USD) transferred from Coinbase Institutional to a new unknown wallethttps://t.co/62HNL1iGxi
— Whale Alert (@whale_alert) twitter.com/whale_alert/status/1817990313396371465?ref_src=twsrc%5Etfw” rel=”nofollow”>July 29, 2024
What does this mean for eth?
The surge in whale activity comes at a time when ethereum is… experiencing considerable volatilityeth bulls and bears are currently engaged in a fierce battle for control. ethereum-etfs-past-week-coinshares-reveals/” rel=”nofollow”>After the launch of ethereum Spot ETFs.
crypto whales have a considerable influence on market dynamics. Their actions are closely monitored by retail traders and analysts. As a result, these substantial transfers from ethereum to Coinbase could have significant implications for the cryptocurrency market. When large amounts of eth move to exchanges, it often signals an intent to sell, which can lead to further selling pressure. This influx of supply could push the price of ethereum lower in the short term.
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At the time of writing, ethereum is trading at $3,340 and has struggled to hold a position above a significant resistance level of $3,357. This resistance point represents a formidable order block, which has posed constant challenges for bullish investors over the past 30 days. Recent substantial transfers from ethereum to Coinbase likely contributed to the difficulty in overcoming this resistance.
Despite this, there is a predominant bullish sentiment Within the trading community, many traders anticipate initial breaks above key order blocks around $3,357 and $3,540.
In other news, the ethereum community recently celebrated the cryptocurrency’s ninth anniversary.
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Happy 9th Birthday, ethereum!
I'm looking forward to seeing what the next decade brings. photo.twitter.com/bXq56mIff7
— vitalik.eth (@VitalikButerin) twitter.com/VitalikButerin/status/1818146456550961620?ref_src=twsrc%5Etfw” rel=”nofollow”>July 30, 2024
Featured image created with Dall.E, chart from Tradingview.com
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