Ethereum Price- Crypto Whales Offload $73M ETH as Ethereum ETFs Face Major Outflows – Is the Sell-Off Over?
Ethereum Price– Despite recent large-scale sell-offs by crypto whales, Ethereum’s (ETH) staunch supporters remain optimistic about the asset’s long-term potential. As significant volumes of ETH are being moved to centralized exchanges, likely for sale, the question arises: what does this mean for Ethereum’s future?
Massive Whale Movements Shake the Market
Recent data has highlighted a concerning trend where large holders, known as crypto whales, have been transferring substantial amounts of ETH to centralized exchanges. This week, a whale wallet identified as 0x46c moved 5,088 ETH, worth approximately $13.66 million, from Elixir to a deposit address at Binance. Another significant transaction saw an investor associated with wallet 0x75b transfer 8,825 ETH to Binance, a move that resulted in a nearly 23% loss, valuing the transfer at about $24.07 million.
Further contributing to this sell-off, entities believed to be associated with Amber Group and Cumberland have moved an additional 12,882 ETH to exchanges like Binance and Kraken. Collectively, these transactions have injected nearly $73 million worth of selling pressure into the market.
Ethereum Price Reaction and ETF Outflows
The impact of these whale movements has been evident in Ethereum’s price, which has decreased by 2.39% in the last 24 hours, bringing the trading price to $2,682.49. The situation is compounded by ongoing outflows from Ethereum exchange-traded funds (ETFs). Over the past eight trading days, these ETFs have recorded a total outflow of around $112 million, with $13.23 million withdrawn on Monday alone. This trend signals a broader market sentiment that could be driving the selling pressure.
FAQs
Why are crypto whales selling large amounts of Ethereum?
Crypto whales, who hold large amounts of Ethereum (ETH), appear to be selling due to recent market conditions. The transfer of ETH to centralized exchanges typically signals an intent to sell, possibly driven by the general downturn in crypto asset prices and broader market uncertainties.
How much Ethereum has been moved by whales recently?
In recent days, crypto whales have moved nearly $73 million worth of Ethereum to centralized exchanges like Binance and Kraken. These movements include transactions from wallets associated with major entities, such as Amber Group and Cumberland, contributing to significant selling pressure in the market.
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