Ethereum

Million

when

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
Ethereum (ETH) whales appear to be igniting a potential sell-off today, as nearly $70 million worth of the cryptocurrency was transferred to Binance, one of the world’s largest cryptocurrency exchanges. This movement has sparked concerns among ETH traders about a possible market downturn.
Whale Alert, a prominent blockchain tracking service, reported two big transactions early this morning. The first tweet&nbsp;<a href="https://x.com/whale_alert/status/1808048077455966221" rel="noopener noreferrer nofollow">revealed</a> that 9,999 ETH, worth around $34.3 million, were transferred from an unknown wallet to Binance. Shortly thereafter, Whale Alert tweeted again to&nbsp;<a href="https://x.com/whale_alert/status/1808037654526620108" rel="noopener noreferrer nofollow">disclose</a> that another 7,413 ETH, worth around $25.4 million, were transferred from an unknown wallet to Binance.
These transactions amount to a total of 17,412 ETH, equivalent to approximately $69.86 million at current market prices. Such large transfers to an exchange typically signal an impending sell-off, as&nbsp;<a href="https://u.today/shiba-inu-shib-whales-have-disappeared" rel="noopener noreferrer nofollow">whales</a> — large holders of cryptocurrency — often move their assets to exchanges when they intend to sell.
<h2 dir="ltr" id="broader-market-impact">Broader market impact</h2>
The news of these substantial transfers has already had a palpable effect on the market. Ethereum’s price has shown increased volatility following the alerts, with traders closely monitoring Binance for any signs of large-scale selling activity. The potential sell-off by these whales could exert downward pressure on the ETH price, impacting the&nbsp;<a href="https://u.today/sec-greenlights-first-spot-bitcoin-ethereum-etf" rel="noopener noreferrer nofollow">broader market</a> as well.
Historically, significant movements by whale accounts have led to notable price fluctuations. When large amounts of cryptocurrency are sold off, it can trigger a domino effect, causing other traders to panic and sell their holdings, further driving down the price.
As of writing this article, the Ethereum price is $3,447.60. It has fallen 0.30% in the last 24 hours. However, the ETH price is down 8.94% over the past 30 days thanks to the ongoing bearish phase on the broader market. While the ultimate impact on Ethereum’s price remains to be seen, the movement of such large amounts of ETH to an exchange is a signal that cannot be ignored.

Nearly $70 Million in Ethereum (ETH) Sent to Major Exchange

Table of Contents

U_Today

Muita 2. heinäk. 2024 julkaistuja artikkeleja

Charles Hoskinson Fires Back at Cardano Critics: ‘We’re Actually Winning’

Shiba Inu (SHIB) Derivatives Volume Declines: Price Impact Analyzed

Ripple Unlocks 1 Billion XRP from Escrow: Settlement Ahead?

Polygon Co-Founder, Pantera & Hashkey Back Crypto-AI Startup With $85M Funding

Bitcoin Price Set for October Breakout, New ATH in Sight

Investors Go Gaga Over Qubetics Whitelist, Ignore Solana and Immutable X's Uncertainties

Join our free newsletter for daily crypto updates!