On-chain data suggests that some Ethereum whales may be jumping off the bandwagon amid the continuous tug of war between bulls and bears. This phenomenon has become increasingly evident as transaction data from whale trackers reveals a significant increase in whale activity in the last 24 hours. Most of these transactions are directed to various cryptocurrency exchanges, indicating a possible change in strategy or sentiment among these large-scale investors.
Notably, on-chain transaction alerts from Whale_Alerts show that approximately $205 million worth of ETH was transferred to crypto exchange Coinbase from unknown wallets in the past 24 hours.
Ethereum Whales Send Large Amounts to Coinbase
As previously noted, transaction alerts from whale transaction tracker Whale_Alerts show that 61,819 ETH was sent to crypto exchange Coinbase in the past 24 hours from whale wallets. These transactions, worth a total of $205 million at the time of transfer, were publicized via social media platform X.
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Interestingly, the move to Coinbase was not made in one lump sum, but rather in a series of five transfers, each averaging 10,290 ETH worth over $34 million. Interestingly, the transfers were made so consecutively that it could be suggested that they were controlled by the same entity. Regardless, the movement of such a significant amount of ETH has raised eyebrows, as evidenced by the comments on the X alerts. Observers are speculating about the intentions behind these transfers, with most suggesting a potential liquidation.
🚨 🚨 10,291 #ETH (34,116,942 USD) transferred from unknown wallet to #Coinbasehttps://t.co/nDVnyKT28v
– Whale Alert (@whale_alert) July 29, 2024
🚨 🚨 10,291 #ETH (34,162,130 USD) transferred from unknown wallet to #Coinbasehttps://t.co/Z5vofQNoso
– Whale Alert (@whale_alert) July 29, 2024
🚨 🚨 10,323 #ETH (34,492,433 USD) transferred from unknown wallet to #Coinbasehttps://t.co/Z5rp3IHwFe
– Whale Alert (@whale_alert) July 29, 2024
🚨 🚨 10,291 #ETH (34,097,937 USD) transferred from unknown wallet to #Coinbasehttps://t.co/dUggaEZ0XM
– Whale Alert (@whale_alert) July 29, 2024
🚨 🚨 🚨 20,623 #ETH (68,335,696 USD) transferred from Coinbase Institutional to a new unknown wallethttps://t.co/62HNL1iGxi
– Whale Alert (@whale_alert) July 29, 2024
What does this mean for ETH?
The increase in whale activity comes at a time when Ethereum is experiencing considerable volatilityyou. ETH bulls and bears are currently engaged in a fierce battle for control after the launch of Spot Ethereum ETFs.
Crypto whales have considerable influence over market dynamics. Their actions are closely monitored by retail traders and analysts. As a result, these substantial transfers of Ethereum to Coinbase could have significant implications for the cryptocurrency market. When large amounts of ETH are transferred to exchanges, it often signals an intent to sell, which can lead to increased selling pressure. This influx of supply could drive down the price of Ethereum in the short term.
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At the time of writing, Ethereum is trading at $3,340 and has struggled to maintain a foothold above a significant resistance level at $3,357. This resistance point represents a formidable order block that has presented consistent challenges for bullish investors over the past 30 days. Recent substantial Ethereum transfers to Coinbase likely contributed to the difficulty in overcoming this resistance.
Despite this, there is a prevailing bullish sentiment Within the trading community, with many traders anticipating initial breaks above the major order blocks around $3,357 and $3,540.
In other news, the Ethereum community recently celebrated the cryptocurrency’s 9th birthday.
Happy 9th birthday, Ethereum!
Looking forward to seeing what the next decade will bring. pic.twitter.com/bXq56mIff7
-vitalik.eth (@VitalikButerin) July 30, 2024
Featured image created with Dall.E, chart from Tradingview.com