Ethereum Price In Danger? Metalpha Withdraws 10,000 ETH From Lido To Binance

Name	Symbol	Market	Market Cap ($)	Algorithm
Gnosis	GNOUSD	Crypto	432,176,508	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Gnosis

GNOUSD

Crypto

432,176,508

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-3.32	-1.95%	166.89	166.84	166.96

Price Change

Price Change %

Current Price

Bid Price

Offer

-3.32

-1.95%

166.89

166.84

166.96

High Price	Low Price	Open Price	Prev. Close	52 Week Range
172.41	166.68	170.21	170.21	90.34 - 446.99

High Price

Low Price

Open Price

Prev. Close

52 Week Range

172.41

166.68

170.21

90.34 - 446.99

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	23:35:31	0.599200	166.89	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

23:35:31

0.599200

166.89

USD

Price x Volume	Volume	Base Symbol	Related Pairs
81,369.22	478.87	GNO	GNOEUR	GNOGBP	GNOBTC

Price x Volume

Volume

Base Symbol

Related Pairs

81,369.22

478.87

Ethereum Price In Danger? Metalpha Withdraws 10,000 ETH From Lido To Binance

18/08/2024 9:07am

NEWSBTC

According to the latest on-chain data, a crypto company has redeemed and transferred a significant amount of Ether tokens from the staking platform Lido to the cryptocurrency exchange Binance. Could this hold a bearish consequence for the Ethereum price? Is ETH Price Preparing For Further Correction? According to data from Arkham Intelligence, digital asset management firm Metalpha redeemed 10,000 ETH (worth about $26 million) from the liquid staking platform Lido on Saturday, August 17. Following the withdrawal to the Metalpha-labeled Gnosis Safe Proxy wallet, the Ether tokens were then sent to Binance, the world’s largest cryptocurrency exchange. Related Reading: Bitcoin Market Facing A Persistent Net Sell-Side Bias, Glassnode Reveals It is worth keeping an eye on this type of asset movement, especially considering the direction and magnitude of this transfer and the potential impact on the Ethereum price. Moreover, these fund movements could provide an insight into the sentiment amongst institutional and large investors at the moment. As shown on Arkham’s dashboard, the ETH tokens were transferred from a Gnosis Safe Proxy wallet to a wallet on the Binance exchange. Gnosis Safe Proxy wallets are known for their multi-signature feature, which requires authorization from multiple parties to execute a transaction. While the multi-sig nature of the sender wallet is quite interesting, the move of assets to a custodial wallet on a centralized exchange is an even bigger narrative. Typically, when investors transfer their digital assets to an exchange, it implies that they want to utilize one of these centralized platform’s services, which includes selling. Consequently, the latest flow of Ether tokens to the Binance platform could carry bearish consequences for the Ethereum price, if Metalpha does intend to sell with this move. With the rationale behind this move unknown, it remains to be seen whether the altcoin will feel downward pressure off the back of the transaction. Ethereum Price At A Glance As of this writing, the ETH token has yet to witness any significant price movement in the last few hours. Instead, the Ethereum price has continued to consolidate around the $2,600 level, with a mere 0.5% increase in the past day. Nevertheless, the second-largest cryptocurrency is in a much better position than it was less than two weeks ago. The Ethereum price has shown good signs of recovery after falling to a multi-month low of $2,200 in early August. Related Reading: Cardano Sees Massive 150% Volume Surge, Yet ADA Price Stalls With 4% Decline On the broader timeframe, though, the price of ETH seems to have lost the momentum it displayed earlier in 2024. According to data from CoinGecko, the price of ETH is still down by nearly 25% in the past month. Featured image from Shutterstock, chart from TradingView

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GNOUSD Gnosis