Ethereum Whales Send $486 Million To Coinbase, Time To Exit?
September 05 2023 - 7:00PM
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Ethereum has seen the price of its native token ETH drop alongside
Bitcoin as the bear market continues to gain group. This has
triggered fear among investors, leading to high selling pressure on
the digital asset. Even the Ethereum whales are now dancing to the
tune of the bear market as they have begun to send large amounts of
ETH to centralized exchanges. Ethereum Whales Push Toward Selling A
recent Santiment report posted on the X (formerly Twitter) platform
has shown that Ethereum whales may be looking to exit stage left at
this time. The chart which was posted by the on-chain data tracker
shows that whales were moving 300,000 ETH to centralized exchange
Coinbase. Related Reading: Why The Shiba Inu Price Cannot
Realistically Get To $0.001 The transfer took place across two
transactions carrying 150,000 ETH each. At the time, each of the
transactions was carrying ETH worth $243 million to the exchange.
So in total, both transactions saw a total of $486 million in ETH
moved to Coinbase. Whales send 300,000 ETH to Coinbase | Source:
Santiment on X Despite being such closely watched transactions,
there have been no indications of what the whales intend to do.
Usually, coins moving toward centralized exchanges means sell-offs,
especially for large investors, who do so to minimize the impact of
their selling as much as possible. However, the price of Ethereum
is still trading close to where it was on Monday, and if these
whales were looking to sell, then such activities would’ve led to a
fast plunge in the price of ETH. There is also the fact that once
the ETH was transferred to Coinbase’s hot wallet, they would be
further broken down into smaller chunks of 4,282 ETH, which were
then moved to other wallets. But even this doesn’t paint a clear
picture of why the ETH was moved to Coinbase in the first place.
Bears Take Over With Negative Sentiment The selling pressure that
the Ethereum price has been under recently has not come out of
nowhere. The Crypto Fear & Greed Index had moved into the fear
territory following the market crash. This meant that investors
were more likely to sell their holdings than put new money into the
market. Related Reading: On-chain Sleuth Potentially Unveils Shiba
Inu Founder With Shocking Affiliates For ETH, it has now become a
battle for the bulls given that the bears have successfully dragged
the price below the 50-day moving average. This points toward more
bearish momentum for the asset in the short term. However, it is
not all bad. ETH price maintains $1,600 despite large transactions
| Source: ETHUSD on Tradingview.com Usually, when indicators have
dropped so low, it can often be a bounce-off point for a recovery.
So while ETH may be looking toward more bear movement for the near
term, the digital asset could be close to another rally, possibly
pushing its price above $1,700 once more. ETH’s price is changing
hands at $1,624 at the time of this writing. It’s down 0.90% and
1.31% on the daily and weekly charts, respectively. Follow Best
Owie on Twitter for market insights, updates, and the occasional
funny tweet… Featured image from iStock, chart from TradingView.com
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