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



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,

How To Get Free Crypto  


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


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.

Source:
IntoTheBlock


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

Coinbase Banner  


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. 

Source:
CoinMetrics


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


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. 

ETH
bears
push
price
down
|
Source:

ETHUSDT
on
Tradingview.com

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

Go to Source
Author: Scott Matherson


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