The Ethereum cryptocurrency made headlines today with significant transfers to various digital exchanges. Within the past 24 hours, 19,822 ETH were moved to CEXs like Binance and Coinbase, totaling $45.2 million.
Spot on Chain Data Reveals Massive Transfers
Spot on Chain, a blockchain tracking platform, revealed data showcasing the large-scale transfers of Ethereum to Binance and Coinbase. Galaxy Digital, a digital asset institution, transferred 9,179 ETH ($20.9 million) to Binance. Celsius Network, a crypto financial services provider, deposited 7,500 ETH ($17.05 million) to Coinbase. Another transaction saw 3,143 ETH ($7.21 million) transferred to Coinbase by an undisclosed party.
Impact on ETH Price
Despite the dumping of tokens to CEXs, the price of Ethereum saw a marginal increase of 2.24% in the past 24 hours, reaching $2,259.48. The token has also experienced a substantial surge of 10.07% over the past week and 19.22% over the past thirty days.
Hot Take: Increased Activity Raises Questions
The significant transfers of Ethereum to CEXs raise questions about market dynamics and investor sentiment. While the price of ETH has been on an upward trend recently, the influx of tokens into centralized exchanges may impact its circulation supply and potentially affect its value in the future.
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