Ethereum

Aave

Compound

<p>Several large Ethereum whales made notable transactions today that could impact ETH’s price action, according to on-chain data analytics firm LookOnChain.</p>
<p>First, a whale who is long ETH <a href="https://x.com/lookonchain/status/1725741541346689471?s=20" target="_blank" rel="noopener noreferrer nofollow">sold</a> 12,048 ETH (worth $23.4 million) to repay debt. This whale had previously bought 12,047 ETH (worth $21.3 million) from Binance on October 23 when ETH was trading around $1,768.</p>
<p>By using ETH as collateral on lending platforms like Aave and Compound, the whale was able to borrow stablecoins to buy more ETH and profit from ETH’s price appreciation.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="873" src="https://captainaltcoin.com/wp-content/uploads/2023/11/image-474-1024x873.png" alt="" class="wp-image-380160" srcset="https://captainaltcoin.com/wp-content/uploads/2023/11/image-474-1024x873.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-474-300x256.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-474-767x654.png 767w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-474-1536x1310.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-474-2048x1746.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-474-176x150.png 176w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-474-100x85.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-474-410x350.png 410w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-474-788x671.png 788w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-474.png 1480w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p>In another move, two fresh wallets <a href="https://x.com/lookonchain/status/1725910906226503887?s=20" target="_blank" rel="noopener noreferrer nofollow">withdrew</a> a combined 21,076 ETH (worth $41.23 million) from Bitfinex. When large amounts of coins are withdrawn from exchanges, it can signify that whales are moving funds into cold storage wallets for longer-term holding. This decreases ETH liquidity on exchanges, which can potentially have a positive effect on the price.</p>
<p>Finally, the same whale from the first transaction <a href="https://x.com/lookonchain/status/1725912379312210118?s=20" target="_blank" rel="noopener noreferrer nofollow">deposited</a> 7,324 ETH (worth $14.3 million) into Compound as collateral to borrow $9 million USDT. The whale then deposited the USDT onto Binance likely to buy more ETH and further increase their ETH position.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="862" src="https://captainaltcoin.com/wp-content/uploads/2023/11/image-473-1024x862.png" alt="" class="wp-image-380152" srcset="https://captainaltcoin.com/wp-content/uploads/2023/11/image-473-1024x862.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-473-300x253.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-473-767x646.png 767w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-473-1536x1294.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-473-2048x1725.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-473-178x150.png 178w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-473-100x84.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-473-416x350.png 416w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-473-788x663.png 788w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-473.png 1508w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p>Overall, these large transactions by ETH whales suggest continued bullish sentiment and a preference to hold ETH for the long-term. With ETH holding support above $1,970, whales appear to be taking advantage of opportunities to accumulate more ETH and bet on higher prices.</p>
<p>Their actions could put upwards pressure on ETH as more coins move into off-exchange wallets. However, heavy selling by whales could also risk triggering pullbacks if they decide to take profits.</p>
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<p>The post <a href="https://captainaltcoin.com/ethereum-whales-make-big-moves-implications-for-eth-price-action/" rel="noopener noreferrer nofollow">Ethereum Whales Make Big Moves – Implications for ETH Price Action</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Ethereum Whales Make Big Moves – Implications for ETH Price Action

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