Ethereum Whale Threatens Token’s Rally with Large Transfer
There is a potential threat to Ethereum’s recent rally, as an Ethereum whale has made a significant transfer that could impact the token’s price. The whale, who had previously withdrawn 42,311 ETH from Binance since September 20, recently moved 30,710 ETH back to the exchange. This suggests that the whale is currently in profit and may be looking to sell the tokens on Binance.
Concerns Over Potential Sell-Off and Market Impact
The crypto community is worried about the potential negative impact of a sell-off on the market. This additional selling pressure could cause a decline in Ethereum’s price, especially if there is no matching buying pressure. Some argue that this amount of ETH may not have a significant impact, considering that Ethereum’s ‘Billionaires’ already control one-third of the circulating supply.
On-Chain Data and Multiple Transfers
On-chain data reveals that the Ethereum whale has transferred the tokens to another Binance wallet after moving the 30,710 ETH. The ETH has been spread across different wallets, indicating further activity by the whale.
Sale of stETH by 1inch Investment Fund
The analytics platform Scopescan reported that the 1inch investment fund sold 4,685 stETH on the Lido platform for $8.54 million. They realized an estimated profit of $1.28 million from these sales. The fund has been actively trading Ethereum throughout the year and previously liquidated 11,000 ETH for a profit of about $3.7 million.
Impact on Ethereum Price
These whale movements may have contributed to Ethereum’s current price decline. At the time of writing, Ethereum is trading at around $1,770, down over 2% in the last 24 hours.
Hot Take: Whale Movements and Their Influence on Ethereum’s Price
The recent movements of Ethereum whales, including the transfer of a significant amount of ETH and the sale of stETH by the 1inch investment fund, have raised concerns about the potential impact on Ethereum’s price. While some argue that these movements may not have a substantial effect due to the influence of Ethereum billionaires, others worry about the additional selling pressure and its consequences. As the market continues to react to these whale activities, it remains to be seen how they will shape the future of Ethereum’s price.
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