Ethereum

bullish

when

Spot

Ethereum (ETH) is finding it hard to follow Bitcoin’s (BTC) bullish trajectory as high selling pressure keeps pouring in. In the recent moves, 2 institutions are going in for an Ether sell-off, and that too when the second largest crypto recorded a slight recovery over the last 7 days.
ETH recorded a surge of more than 5% over the last 7 days, however, it is still trailing down by around 20% in the last 90 days. This reflects that Ether might have seen a jump in the shorter period but it is still failing to recover on the longer time frame, which opens up a crucial window for investors.
<h3 id="span-style-font-weight-400-cumberland-and-parafi-dump-45m-in-eth-span">Cumberland and ParaFi dump $45M in ETH</h3>
<a href="https://x.com/lookonchain/status/1839866899318096109" rel="noopener noreferrer nofollow" target="_blank">Data provided</a> by Lookonchain shows that Cumberland and ParaFi Capital had made their move to capitalize on the recent ETH surge. It mentioned that a wallet linked to Cumberland deposited 11,800 Ethereum (approx. worth $31.88 million) into the crypto exchange <a href="https://www.cryptopolitan.com/coinbase-cypto-and-stock-highly-correlated/" rel="noopener noreferrer nofollow">Coinbase</a>. This deposit turns out to be one of the biggest dumps made by Cumberland. Earlier, on August 26, it had deposited 6,439 ETH (approx. worth $17.66 million) to Binance.
ParaFi Capital is another key institution that had considered dumping Ethereum amid recent gains. It withdrew 5,134 ETH (approx. worth $13.83 million) from Lido and moved ahead to deposit it on Coinbase Prime.
<h3 id="span-style-font-weight-400-ancient-eth-whale-wakes-up-span">Ancient ETH whale wakes up</h3>
As per the data shared by Spot On Chain, an ancient Ethereum whale cashed in another 12,979 ETH for around $34.3 million this week as the second biggest crypto saw a rebound rally. This whale made its first move after being silent for the last 4 months.
<blockquote class="twitter-tweet" data-theme="dark">
 After 4 months of silence, an ancient <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">#Ethereum</a> whale with a $58.8M profit cashed in another 12,979 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">$ETH</a> for $34.3M this week, as <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">$ETH</a> rebounded ~6%!
 Originally withdrawing 21,632 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">$ETH</a> from <a href="https://twitter.com/hashtag/ShapeShift?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">#ShapeShift</a> and <a href="https://twitter.com/hashtag/Poloniex?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">#Poloniex</a> in 2016 at $7.074/ETH, the whale has sold 15,879 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">$ETH</a> since… <a href="https://t.co/JrtBinVnj6" rel="noopener noreferrer nofollow" target="_blank">pic.twitter.com/JrtBinVnj6</a>
 — Spot On Chain (@spotonchain) <a href="https://twitter.com/spotonchain/status/1839853221587878042?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">September 28, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
It highlighted that the whale had withdrawn 21,623 Ether from ShapeShift and Poloniex back in 2016 at a price of $7.074 per ETH. The whale wallets have sold more than 15.5K Ether since May, making $43.5 million at an average selling price of $2,739. The whale still holds 5,760 Ether.
<h3 id="span-style-font-weight-400-ether-etfs-flip-to-green-span">Ether ETFs flip to green</h3>
ETH is holding on to the crucial $2,600 price level with just a 4.8% surge registered in the last 30 days. Its 24-hour trading volume dropped by 7%, standing at $15.99 billion.
Spot Ether <a href="https://www.cryptopolitan.com/bitcoin-etfs-pull-in-365m-eth-joins/" rel="noopener noreferrer nofollow">ETFs</a> saw inflows surpassing $84 million this week, reversing weeks of outflows. Yesterday, the inflows totaled around $58 million with Fidelity’s FETH leading the pack pulling in $42.5 million.
BlackRock’s ETHA followed with $11.5 million in inflows, while Grayscale’s ETHE saw $10.7 million in outflows. Earlier in the week, Ether ETFs recorded $80 million in outflows, mostly from Grayscale’s ETHE, before BlackRock reversed the trend with renewed inflows.&nbsp;

Institutions offloading Ether, $45M sent to Coinbase in hours

Table of Contents

Cryptopolitan_News

Other articles published on Sep 28, 2024

SEC Settles Charges with TrueCoin and TrustToken Over Fraudulent TUSD Sales

Dogecoin Whale Surge: Over $140 Million Accumulated in Just 48 Hours

NEIRO Accumulation Spikes: Whales Take Millions as Market Awaits Potential Binance Listing

Coinpedia Fintech News

FBI Recovers $6 Million from Crypto Scam

Top 3 Meme Coins To Watch Heading Into Q4: Dogecoin, Raboo, And Bonk

Join our free newsletter for daily crypto updates!