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Nearly $70 Million in Ethereum (ETH) Sent to Major Exchange

Tue, 2/07/2024 – 14:15

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Ethereum (ETH) whales appear to be igniting a potential sell-off today, as nearly $70 million worth of the cryptocurrency was transferred to Binance, one of the world’s largest cryptocurrency exchanges. This movement has sparked concerns among ETH traders about a possible market downturn.

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Whale Alert, a prominent blockchain tracking service, reported two big transactions early this morning. The first tweet revealed that 9,999 ETH, worth around $34.3 million, were transferred from an unknown wallet to Binance. Shortly thereafter, Whale Alert tweeted again to disclose that another 7,413 ETH, worth around $25.4 million, were transferred from an unknown wallet to Binance.

These transactions amount to a total of 17,412 ETH, equivalent to approximately $69.86 million at current market prices. Such large transfers to an exchange typically signal an impending sell-off, as whales — large holders of cryptocurrency — often move their assets to exchanges when they intend to sell.

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Broader market impact

The news of these substantial transfers has already had a palpable effect on the market. Ethereum’s price has shown increased volatility following the alerts, with traders closely monitoring Binance for any signs of large-scale selling activity. The potential sell-off by these whales could exert downward pressure on the ETH price, impacting the broader market as well.

Historically, significant movements by whale accounts have led to notable price fluctuations. When large amounts of cryptocurrency are sold off, it can trigger a domino effect, causing other traders to panic and sell their holdings, further driving down the price.

As of writing this article, the Ethereum price is $3,447.60. It has fallen 0.30% in the last 24 hours. However, the ETH price is down 8.94% over the past 30 days thanks to the ongoing bearish phase on the broader market. While the ultimate impact on Ethereum’s price remains to be seen, the movement of such large amounts of ETH to an exchange is a signal that cannot be ignored.

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