Ethereum

2024

Million

Spot

On-chain data suggests that some Ethereum whales might be jumping off the bandwagon amidst the <a href="https://bitcoinist.com/ethereum-whales-undeterred-by-price-drop-move-3-50-million-eth/" rel="noopener noreferrer nofollow">ongoing tug-of-war </a>between bulls and bears. This phenomenon has become increasingly evident as transaction data from whale trackers reveals a <a href="https://bitcoinist.com/rising-ethereum-activity-what-it-means-for-altcoin-performance-time-to-buy-altcoins/" rel="noopener noreferrer nofollow">significant uptick in whale activity</a> over the past 24 hours. The majority of these transactions are directed towards various crypto exchanges, indicating a possible shift in strategy or sentiment among these large-scale investors.&nbsp;
Notably, on-chain transaction alerts from Whale_Alerts show that approximately $205 million worth of ETH has been transferred into crypto exchange Coinbase from unknown wallets within the past 24 hours.&nbsp;
<h2 id="ethereum-whales-send-huge-amounts-to-coinbase">Ethereum Whales Send Huge Amounts To Coinbase</h2>
As noted earlier, transaction alerts from whale transaction tracker Whale_Alerts show that 61,819 ETH were sent to the crypto exchange Coinbase in the past 24 hours from whale wallets. These transactions, collectively worth $205 million at the time of transfer, were made known through the social media platform X.
It is interesting to note that the movement into Coinbase wasn’t made through a lump sum but was made through a series of five transfers, each with an average of 10,290 ETH worth over $34 million. Interestingly, the transfers were made in such a consecutive manner that it might suggest that they were controlled by the same entity. Regardless, the movement of such a significant amount of ETH has ignited attention, as evidenced by comments on the alerts on X. Observers are speculating about the intentions behind these transfers, with most suggesting a potential liquidation.&nbsp;
<blockquote class="twitter-tweet">
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> 10,291 <a href="https://twitter.com/hashtag/ETH?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#ETH</a> (34,116,942 USD) transferred from unknown wallet to <a href="https://twitter.com/hashtag/Coinbase?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Coinbase</a><a href="https://t.co/nDVnyKT28v" rel="noopener noreferrer nofollow">https://t.co/nDVnyKT28v</a>
 — Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1817987292725690807?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 29, 2024</a>
</blockquote>
<blockquote class="twitter-tweet">
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> 10,291 <a href="https://twitter.com/hashtag/ETH?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#ETH</a> (34,162,130 USD) transferred from unknown wallet to <a href="https://twitter.com/hashtag/Coinbase?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Coinbase</a><a href="https://t.co/Z5vofQNoso" rel="noopener noreferrer nofollow">https://t.co/Z5vofQNoso</a>
 — Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1818021036866113784?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 29, 2024</a>
</blockquote>
<blockquote class="twitter-tweet">
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> 10,323 <a href="https://twitter.com/hashtag/ETH?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#ETH</a> (34,492,433 USD) transferred from unknown wallet to <a href="https://twitter.com/hashtag/Coinbase?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Coinbase</a><a href="https://t.co/Z5rp3IHwFe" rel="noopener noreferrer nofollow">https://t.co/Z5rp3IHwFe</a>
 — Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1818045300281360862?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 29, 2024</a>
</blockquote>
<blockquote class="twitter-tweet">
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> 10,291 <a href="https://twitter.com/hashtag/ETH?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#ETH</a> (34,097,937 USD) transferred from unknown wallet to <a href="https://twitter.com/hashtag/Coinbase?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Coinbase</a><a href="https://t.co/dUggaEZ0XM" rel="noopener noreferrer nofollow">https://t.co/dUggaEZ0XM</a>
 — Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1818009438478872897?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 29, 2024</a>
</blockquote>
<blockquote class="twitter-tweet">
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> 20,623 <a href="https://twitter.com/hashtag/ETH?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#ETH</a> (68,335,696 USD) transferred from Coinbase Institutional to unknown new wallet<a href="https://t.co/62HNL1iGxi" rel="noopener noreferrer nofollow">https://t.co/62HNL1iGxi</a>
 — Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1817990313396371465?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 29, 2024</a>
</blockquote>
<h2 id="what-does-this-mean-for-eth">What Does This Mean For ETH?</h2>
The increase in whale activity comes at a time when Ethereum is <a href="https://www.newsbtc.com/analysis/eth/ethereum-to-match-bitcoin-strength/" rel="noopener noreferrer nofollow">experiencing considerable volatilit</a>y. ETH bulls and bears are currently engaged in a fierce battle for control <a href="https://bitcoinist.com/flows-ethereum-etfs-past-week-coinshares-reveals/" rel="noopener noreferrer nofollow">after the launch</a> of Spot Ethereum ETFs.&nbsp;
Crypto whales have considerable influence over market dynamics. Their actions are closely monitored by retail traders and analysts. As a result, these substantial Ethereum transfers to Coinbase could have significant implications for the cryptocurrency market. When large amounts of ETH move to exchanges, it often signals an intention to sell, which may lead to increased selling pressure. This influx of supply could drive down the price of Ethereum in the short term.
At the time of writing, Ethereum is trading at $3,340 and has struggled to maintain a position above a significant resistance level of $3,357. This resistance point represents a formidable order block, which has consistently posed challenges for bullish investors in the past 30 days. The recent substantial transfers of Ethereum to Coinbase likely contributed to the difficulty in overcoming this resistance.&nbsp;
Despite this, there is a<a href="https://www.newsbtc.com/news/ethereum/ethereum-breakout-moment-why-eth-skyrocket-to-15000-soon/#author-box" rel="noopener noreferrer nofollow"> prevailing bullish sentiment</a> within the trading community, with many traders anticipating initial breakouts above key order blocks around $3,357 and $3,540.&nbsp;
In other news, the Ethereum community recently celebrated the cryptocurrency’s 9th birthday.
<blockquote class="twitter-tweet">
 Happy 9th birthday, Ethereum!
 Looking forward to seeing what the next decade brings. <a href="https://t.co/bXq56mIff7" rel="noopener noreferrer nofollow">pic.twitter.com/bXq56mIff7</a>
 — vitalik.eth (@VitalikButerin) <a href="https://twitter.com/VitalikButerin/status/1818146456550961620?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 30, 2024</a>
</blockquote> <img fetchpriority="high" decoding="async" class="size-medium" src="https://www.tradingview.com/x/0kRwkLoO/" alt="Ethereum price chart from Tradingview.com" width="3286" height="1518" loading="lazy">

Brace For Impact: Ethereum Whales Send Over $205 Million To Coinbase

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