Ethereum Whale Sparks Sell-Off Rumors With 11,215 ETH Coinbase Deposit

Name	Symbol	Market	Market Cap ($)	Algorithm
Ethereum	ETHUSD	Crypto	395,379,186,117	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Ethereum

ETHUSD

Crypto

395,379,186,117

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	25.53	0.78%	3,303.69	3,303.25	3,303.47

Price Change

Price Change %

Current Price

Bid Price

Offer

25.53

0.78%

3,303.69

3,303.25

3,303.47

High Price	Low Price	Open Price	Prev. Close	52 Week Range
3,348.00	3,261.52	3,275.02	3,278.16	1,520.85 - 4,093.88

High Price

Low Price

Open Price

Prev. Close

52 Week Range

3,348.00

3,261.52

3,275.02

3,278.16

1,520.85 - 4,093.88

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	19:34:20	0.000042	3,303.69	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

19:34:20

0.000042

3,303.69

USD

Price x Volume	Volume	Base Symbol	Related Pairs
197,707,975.28	59,771.37	ETH	ETHEUR	ETHGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

197,707,975.28

59,771.37

Ethereum Whale Sparks Sell-Off Rumors With 11,215 ETH Coinbase Deposit

10/07/2024 9:00pm

NEWSBTC

An Ethereum whale has caused panic among community members following a recent transaction suggesting they might be looking to offload their holdings. This comes amid a recent prediction by research firm Matrixport that Ethereum’s price could significantly rebound from its current price level. Ethereum Whales Transfers 11,215 ETH Onchain data shows that the Ethereum whale transferred 11,215 ETH ($34.3 million) to the crypto exchange Coinbase. A trader usually makes such a move when selling these tokens, and considering the amount of tokens involved, such a sale could significantly impact ETH’s price. However, data from the market intelligence platform IntoTheBlock shows that there might be a demand for these tokens if, indeed, this whale is looking to offload their tokens. Related Reading: 83% Of All Bitcoin Holders Still In Profit Despite Drop Below $60,000 There has been an increase of 132% in the large holders’ netflow to exchange netflow ratio in the last seven days, which suggests that Ethereum whales are actively accumulating more ETH. The flow metrics also paint an accumulation trend among Ethereum holders, with inflow volume into exchanges down by over 11% in the last seven days. During this period, the outflow volume from these exchanges has increased by 3%, further confirming that Ethereum investors are looking to hold their positions and accumulate more ETH at this point. This is undoubtedly a positive development for Ethereum’s price, which could witness a significant rebound thanks to this wave of accumulation. Research firm Matrixport also predicted that ETH’s price would rebound from its current price level thanks to the Spot Ethereum ETFs, which they claimed could launch as early as this week. While that remains uncertain, market experts like Bloomberg analyst James Seyffart have suggested that it shouldn’t be long before these Spot Ethereum ETFs begin trading. This is because fund issuers have implemented most of the comments that the Securities and Exchange Commission (SEC) had on their S-1 filings. ETH Is Primed For A Rally Crypto analyst Leon Waidmann mentioned in an X (formerly Twitter) post that Ethereum is primed for a rally. He made this assertion based on Ethereum’s dwindling supply. He noted that 40% of Ethereum’s supply is locked up, with 28% staked and the other 12% in smart contracts and bridges. Additionally, Waidmann expects this supply to continue to reduce once the Spot Ethereum ETFs begin trading, with institutional investors taking a huge chunk of the supply off exchanges. Based on this, Ethereum could rally on the back of the supply and demand dynamics since demand is bound to outpace supply at some point. Related Reading: Bitcoin Crash: Here’s What The Data Says About Buying The Dip Crypto analyst Follis mentioned that Ethereum’s chart looks identical to Bitcoin’s just before it pumped over 200% last year. He suggested that the Spot Ethereum ETFs could be the catalyst that sparks a similar rally for ETH. Featured image created with Dall.E, chart from Tradingview.com

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