On-chain data suggests that some Ethereum whales may be jumping off the bandwagon amid the The tug of war continues. Between bulls and bears. This phenomenon is becoming increasingly apparent as transaction data from whale trackers reveals A significant increase in whale activity Over the past 24 hours. The majority of these transactions are heading towards various cryptocurrency exchanges, indicating a possible shift in strategy or sentiment among these investors on a broader scale.
It is worth noting that on-chain transaction alerts from Whale_Alerts show that nearly $205 million worth of ETH has been transferred to cryptocurrency exchange Coinbase from unknown wallets in the past 24 hours.
Ethereum Whales Send Massive Amounts to Coinbase
As previously mentioned, transaction alerts from the Whale_Alerts transaction tracker show that 61,819 ETH were sent to cryptocurrency exchange Coinbase in the last 24 hours from Whale wallets. These transactions, worth a total of $205 million at the time of transfer, were revealed by social media platform X.
Related reading
It is interesting to note that the movement to Coinbase was not done in a lump sum but rather in a series of five transfers, each averaging 10,290 ETH worth over $34 million. Interestingly, the transfers were done in such a sequential manner that it could indicate that they were under the control of the same entity. Regardless, the transfer of such a large amount of ETH has drawn attention, as evidenced by the comments on the alerts on X. Observers are speculating about the intentions behind these transfers, with most pointing to a possible liquidation.
🚨 🚨 10,291 #Ethereum ($34,116,942 USD) transferred from unknown wallet to #coinbasehttps://t.co/nDVnyKT28v
— Whale Alert (@whale_alert) July 29, 2024
🚨 🚨 10,291 #Ethereum ($34,162,130 USD) transferred from unknown wallet to #coinbasehttps://t.co/Z5vofQNoso
— Whale Alert (@whale_alert) July 29, 2024
🚨 🚨 10,323 #Ethereum ($34,492,433 USD) transferred from unknown wallet to #coinbasehttps://t.co/Z5rp3IHwFe
— Whale Alert (@whale_alert) July 29, 2024
🚨 🚨 10,291 #Ethereum ($34,097,937 USD) transferred from unknown wallet to #coinbasehttps://t.co/dUggaEZ0XM
— Whale Alert (@whale_alert) July 29, 2024
🚨 🚨 🚨 20,623 #Ethereum ($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 considered experiencing great fluctuationsETH bulls and bears are currently locked in a fierce battle for control. After launch From Ethereum exchange-traded funds.
Crypto whales have a significant impact on market dynamics. Their actions are closely watched by retailers and analysts. As a result, these massive transfers of Ethereum to Coinbase can have a significant impact on the crypto market. When large amounts of Ethereum move to exchanges, it often signals an intention to sell, which can lead to increased selling pressure. This influx of supply can push down the price of Ethereum in the short term.
Related reading
At the time of writing, Ethereum is trading at $3,340, struggling to hold above the important resistance level at $3,357. This resistance point represents a massive order block, which has consistently presented challenges for bullish investors over the past 30 days. The recent large Ethereum to Coinbase transfers likely contributed to the difficulty in overcoming this resistance.
Despite this, there is Bullish sentiment prevails Within the trading community, with many traders anticipating initial breakouts above key order blocks around $3,357 and $3,540.
In other news, the Ethereum community recently celebrated the cryptocurrency’s ninth anniversary.
Happy 9th Birthday to Ethereum!
We look forward to seeing what the next decade will bring. pic.twitter.com/bXq56mIff7
— Vitalik.eth (@VitalikButerin) July 30, 2024
Featured image created using Dall.E, chart from Tradingview.com
