Ethereum

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Recent on-chain data and trading <a href="https://twitter.com/lookonchain/status/1787324001653789087" rel="noopener noreferrer nofollow">activity</a> show that Ethereum whales are engaging in substantial sell-offs, raising concerns about their long-term confidence in the asset. One notable transaction involved a whale who, after purchasing ETH at $1,890 last year, moved 12,906 ETH ($24.39 million) from Binance to Lido.
More recently, this same investor withdrew 7,000 ETH from Lido and redeposited it onto Binance, securing over $16 million in profits amid a fluctuating <a href="https://u.today/bitcoin-btc-tops-64k-heres-why-traders-should-still-be-worried" rel="noopener noreferrer nofollow">market</a>. <img alt="ETHUSD" data-entity-type="file" data-entity-uuid="0334760b-a871-4bdc-951a-8f08aa1e981a" src="https://u.today/sites/default/files/inline-images/image_753.png"><a href="https://www.tradingview.com/" rel="noopener noreferrer nofollow">ETH/USD Chart by TradingView</a>
The accompanying charts reveal a decline in the number of large transactions alongside a fluctuating price, suggesting a possible correlation between whale activities and price movements. Specifically, the total volume of large transactions has seen a noticeable dip, aligning with periods of price instability.
The profit-taking by whales may be influenced by Ethereum's relative underperformance compared to other leading cryptocurrencies like <a href="https://u.today/xrp-awaits-ripples-stablecoin-progress-teased" rel="noopener noreferrer nofollow">XRP</a> and Solana. Although not drastic, Ethereum's sluggish pace on the fast-evolving crypto landscape could be prompting these large holders to reassess their positions. Such movements are critical to monitor as they can indicate a shift in investor sentiment, which might lead to more significant market adjustments.
Additionally, on-chain metrics from IntoTheBlock show a significant correlation between the price of Ethereum and the number of large transactions. This relationship highlights how influential these large transaction volumes are to the price dynamics of <a href="https://u.today/ethereum-lead-dev-shares-crucial-message-on-account-abstraction" rel="noopener noreferrer nofollow">Ethereum</a>. The recent decline in transaction volume, especially in April, mirrors a drop in Ethereum's price, suggesting that selling pressure from whales is having an impact.
While one significant sale does not spell doom for Ethereum, it raises some concerns about the sustainability of its current movements.

Ethereum (ETH) Whale Sales Surge: Are Whales Giving up on It? Ethereum (ETH)

U_Today

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