Ethereum Whale Sparks Rumors of 11,215 ETH Deposit Sale on Coinbase

Featured in:
abcd
Ethereum Whale Sparks Rumors of 11,215 ETH Deposit Sale on Coinbase

Some Ethereum Whale has caused panic among community members after a recent transaction suggested they might want to get rid of their holdings. This comes amid a recent prediction Matrixport Research Company that the price of Ethereum could augment significantly from its current level.

Ethereum Whales Transfers 11,215 ETH

On the chain data shows Ethereum whale transferred 11,215 ETH ($34.3 million) Coinbase cryptocurrency exchange. A trader usually makes such a move by selling these tokens, and given the amount of tokens involved, such a sale could significantly impact the price of ETH. However, data With IntoTheBlock Market Intelligence Platform shows that there may be demand for these tokens if this whale actually wants to get rid of them.

sadasda

There has been a 132% augment in the ratio of vast holder net flows to exchange net flows over the past seven days, suggesting that Ethereum whales are actively accumulating more ETH. The flow metrics also paint an accumulation trend among Ethereum Holderswith the volume of funds flowing into exchanges falling by over 11% over the last seven days.

Source: IntoTheBlock

During this period, the outflow volume from these exchanges increased by 3%, which further confirms that Ethereum investors want to maintain their positions and accumulate more ETH at this point. This is undoubtedly a positive development for the Ethereum price, which could experience a significant rebound thanks to this accumulation wave.

The research company Matrixport also Planned that the price of ETH will bounce back from the current price level thanks to Spot ETFs Ethereumwhich, they say, could start as early as this week.

While this remains uncertain, market experts such as Bloomberg analyst James Seyffart suggested that it shouldn’t be long before these Spot Ethereum ETFs start trading. This is because fund issuers have implemented most of the comments that Securities and Exchange Commission (SEC) filed S-1 documents.

ETH is ready for a rally

Cryptocurrency analyst Leon Waidmann mentioned in X (formerly Twitter) fasting that Ethereum is ready to rally. He claimed this based on the decreasing supply of Ethereum. He noted that 40% of Ethereum’s supply is frozen, 28% is pledged, and the remaining 12% is in shrewd contracts and bridges.

Ethereum 2
Source: CoinMetrics

Moreover, Waidmann expects that this supply will continue to decline after Spot ETFs Ethereum start trading with institutional investors taking a huge chunk of supply from exchanges. Based on this, Ethereum could benefit from the supply and demand dynamics, as demand will certainly outstrip supply at some point.

Follis Cryptocurrency Analyst mentioned that Ethereum’s chart looks exactly like Bitcoin’s just before it surged more than 200% last year. He suggested that Spot Ethereum ETFs could be the catalyst that starts a similar rise in ETH.

Ethereum Price Chart from Tradingview.com
ETH Bears Lower Price | Source: ETHUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

abcd
sadasda

Find us on

Latest articles

Related articles

See more articles

SHIB Army Calls on Binance CEO to Start Burning...

U.Today – Check out the top three U.Today news stories from the past day. Binance CEO Faces SHIB...

Forbes Says Shiba Inu Price Will Rise 1700% to...

The Shiba Inu price and its possible direction have long been a point of contention among analysts....

Exclusive: Bit Digital CEO Discusses Biden vs. Trump, ETFs,...

Earlier this week, ETFs saw their strongest buying activity since early June, when the price of the...

Bitcoin Falls Out of US Stocks’ Rhythm: What Could...

The latest data shows that Bitcoin has completely decoupled from American shares. This is significant considering that...

GoldenDolphin Presale: A Up-to-date Opportunity in Multi-Chain Memecoin

Dubai, United Arab Emirates, July 11, 2024, Chainwire GoldenDolphin, a modern cryptocurrency project, has announced the official...

XRP set to soar 60,000% with tightest Bollinger bands...

In an analysis shared via X and YouTube, crypto analyst Matt “The Great Mattsby” Hughes highlighted what...