• 30 May, 2024
News

Major ETH Whales Make Significant Moves Amid Market Fluctuations

A series of large-scale transactions by Ethereum holders, commonly referred to as ‘whales’, have been observed following a dip in the cryptocurrency’s market price. Notable transactions totaling over $140 million suggest a shift in strategy among some of Ethereum’s largest stakeholders.

Data by Santiment, a market intelligence platform shows that multiple Ethereum whales have transferred significant amounts of ETH to various exchanges, potentially indicating a move to sell. Among them, a wallet address identified as 0x4353 transferred 10,431 ETH (valued approximately at $32.66 million) to Binance, a prominent cryptocurrency exchange.

Similarly, another address, 0x4446, moved 11,892 ETH, worth around $38 million, to the same exchange. These transactions were followed by a sale, culminating in a profit of about $217,000 for the whale, despite previous losses totaling approximately $4.63 million in similar ventures since March 20.

Another notable transaction involved address 0x488b, which sold 3,543 staked ETH (stETH) and 3,000 wrapped staked ETH (wstETH) for a combined value of roughly $22.3 million. Additionally, addresses 0x59e9 and 0xC47f deposited 7,943 ETH and 5,584 ETH to Coinbase, valued at $24.9 million and $17.5 million respectively.

Further, a linked entity to the now-defunct FTX and Alameda Research, deposited 2,000 ETH (around $6.28 million) to Binance, highlighting continued activity from associated wallets despite the firms’ legal troubles.

The price of Ethereum stands at $3,173.07, marking a slight decrease of 0.45% in the last 24 hours and nearly stable over the past week with a marginal decline of 0.06%. These movements contrast with a broader cryptocurrency market downturn of -4.40% over the same period. Ethereum’s market cap is currently estimated at $387 billion, with a circulating supply of 120 million ETH, according to data from CoinGecko.

The transactions from these Ethereum whales are critical for market observers, as they may indicate broader trends or shifts in investor sentiment. While some may interpret these sales as a lack of confidence following the price drop, others might view it as a normal part of high-stake investment strategies in volatile markets. As the landscape of digital currencies continues to evolve, the actions of major players such as these will remain under close scrutiny.

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