Ethereum (ETH) is exploring a restart of its week-long bearish decline, banking on the power of its ecosystem’s whales. However, there appears to be a contradictory trend as on-chain data shows that as many as 56,795 Ethereum have moved in and out of Coinbase in 24 hours.
Ethereum (ETH) is exploring a restart of its week-long bearish decline, banking on the power of its ecosystem’s whales. However, there appears to be a contradictory trend as on-chain data shows that as many as 56,795 Ethereum have moved in and out of Coinbase in 24 hours.
Ethereum Whale Transfers, What’s Happening?
Data from crypto analytics platform Whale Alert shows that ETH entered and exited Coinbase in different tranches, raising liquidation fears. The largest of these transactions included the transfer of 30,020 ETH worth approximately $86,959,077 from an unknown wallet to Coinbase Institutional.
While the actual motive behind any transfer cannot be guessed, this communicates to observers the expectation of a liquidation. This sender has a very complicated history with Coinbase Prime. The address reportedly converged over 30,000 ETH in the last six days before finally transferring them all in one go.
Apart from this, other minor transactions like 7,701 ETH were moved in two tranches and 7,882 ETH were also transferred from Coinbase Institutional to unknown wallets. The impact of these transfers is currently not negative; However, Ethereum price has not yet recovered its psychologically important level of $3,000.
At the time of writing, Ethereum is changing hands for $2,977.23, up 2.20% in 24 hours. by data from CoinMarketCap.
Ethereum turning point
One of the most important turning points for Ethereum is scheduled for the end of this month: the approval or disapproval of the ETH ETF spot product. At the moment, the chances of approval of this Ethereum (ETF) spot product are 25%, according to Bloomberg analysts.
Ethereum investors could be exercising necessary caution to avoid getting caught up in the bearish consequences of the uncertainty surrounding the ETF’s approval. This largely explains why ETH has not traded above the $3,000 price since May 10.
