Ethereum

Bitcoin ETF

Bitcoin

Since last week, the overall cryptocurrency market has been struggling to <a href="https://news.todayq.com/ethereum-can-expect-bull-run-hits-by-restaking-surge-in-q1-q2/" rel="noopener noreferrer nofollow">gain momentum</a> as the crypto community moves closer to the deadline for spot Bitcoin ETF (Exchange Traded Fund) approval. Amid this dull market, Paradigm, the largest institutional liquidity network in crypto, is heavily accumulating Ethereum. Paradigm’s strategic accumulation and deposit&nbsp; 
On January 6, 2024, an on-chain analytics firm, Lookonchain, made a post on X (previously Twitter) and shared data that Paradigm is taking advantage of the recent price drop of Ethereum as Ethereum hasn’t experienced any major move since mid-2023. Apart from this accumulation, the firm also deposited a massive amount of Ethereum, which is 6,500 ETH worth around $14.67 million, into Coinbase.
It seems that
Looking at the history of Paradigm, it appears that the firm heavily accumulates any crypto when they massively fall or during a bear market and sells those accumulated cryptos during the bull market. In the future, we may see more deposits from Paradigm to Coinbase as it holds more than 6,800 ETH, which it bought during the bear market.
As Ethereum is the second-largest cryptocurrency in terms of market capitalization and adoption, the recent deposit of ETH from Paradigm to Coinbase may cause some drops. Currently, Ethereum is trading near $2,240, and in the last 24 hours, it experienced over 1% of downside momentum according to data from Coinmarketcap. However, examining ETH over a longer period reveals that Ethereum has shown only a 0.37% upside momentum in the last 30 trading days. Whale activity in Ethereum 
Apart from Paradigm, several whales in the crypto industry are continuously taking advantage of Ethereum’s lower price. According to data from Spotonchain, acrypto analytics platform, an ETH whale purchased a significant $48 million worth of Ethereum, with an average price of $2,265, and bought 21,192 ETH.&nbsp; 
By examining the historical purchases of this ETH whale, it was found that since 2023, this whale has accumulated 79,500 ETH worth around $142 million with an average price of $1,790. Meanwhile, the spot Ethereum ETF is still pending, and we anticipate a massive surge in the ETH price.
Get Crypto Trading Signals from Real Crypto Analysts. Join our Waiting List at todayq.com

All eyes on Ether as Paradigm caught moving ETH on Coinbase

Todayq News

Other articles published on Jan 6, 2024

People use Litecoin for payments the most, leaving Bitcoin, Ethereum behind

BitMEX’s Historic Mission to Send Bitcoin to the Moon

Satoshi Bitcoin (BTC) Wallet Mystery: $1.19 Million Transaction Landed

Investors hold breath for SEC decision on Bitcoin ETFs

Top Crypto Exchange Binance Announces Upcoming Support for Soon-To-Be Launched Gaming Altcoin

Mina Protocol (MINA) Price Analysis and Potential Rebound

Join our free newsletter for daily crypto updates!