Ethereum Whale Spreads Sell Rumors by Depositing 11,215 ETH into Coinbase

adminJuly 11, 2024

not Ethereum Whale The recent trading has created panic among community members, suggesting they may be looking to sell their holdings, which is in line with recent predictions. Research firm Matrixport The price of Ethereum could rebound significantly from its current price levels.

Ethereum Whale Transfers 11,215 ETH

Onchain data An Ethereum whale has been found to have transferred 11,215 ETH ($34.3 million). Cryptocurrency exchange Coinbase. Traders typically make these moves when selling these tokens, and given the amount of tokens involved, these sales can have a significant impact on the price of ETH. However, data From Market Information Platform IntoTheBlock If this whale is actually willing to sell its tokens, it shows that there may be demand for these tokens.

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The ratio of net inflows from large holders to net inflows from exchanges has increased by 132% over the past 7 days, suggesting that Ethereum whales are actively accumulating more ETH. The flow indicator also shows the accumulation trend. Ethereum holdersInflows into exchanges have decreased by more than 11% over the past seven days.

During this period, the outflow from these exchanges increased by 3%, further confirming that Ethereum investors are looking to hold positions and accumulate more ETH at this point. This is undoubtedly a positive development for the Ethereum price, and we could see a significant rebound thanks to this accumulation wave.

Matrixport, a research company, also predict Here’s why the price of ETH will bounce back from its current price levels: Spot Ethereum ETFThey claimed it could be released as early as this week.

While it remains uncertain, market experts say: Bloomberg analyst James Seifert It suggests that it won’t be long before these Spot Ethereum ETFs start trading, as the fund issuers have implemented most of the comments. Securities and Exchange Commission (SEC) It was included in the S-1 filing.

ETH is gearing up for a rally

Cryptocurrency Analyst Leon Waidmann Mentioned on X (formerly Twitter) post He claimed that Ethereum is preparing for a rally. He made this claim as Ethereum supply is decreasing. He mentioned that 40% of Ethereum supply is locked, 28% is staked, and the remaining 12% is in smart contracts and bridges.

Waidmann also expects this supply to continue to decline. Spot Ethereum ETF Start a transaction Institutional Investors Exchanges are taking a big chunk of supply out. Based on this, Ethereum could rally on the back of the supply and demand dynamics, as demand will outpace supply at some point.

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Cryptocurrency Analyst Polis talking Ethereum’s chart looks identical to Bitcoin’s just before its more than 200% surge last year, he suggested. Spot Ethereum ETF This could be the catalyst that triggers a similar rally in ETH.