- An Ethereum whale made a gigantic transfer of over $36 million in ETH tokens to Coinbase.
- There are speculations that this transfer is due to the fear of an incoming bearish trend.
Ethereum whales are known for making ridiculous transfers in the crypto market. On the other hand, the type of transfer they make could signify what is happening in the crypto market. So, a recent transfer of ETH tokens to Coinbase led to a lot of speculation.
Are Ethereum Whales Scared?
- Historically, September is always a bad month for the crypto industry. This mainly originates from Bitcoin, and other cryptocurrencies follows suit. So, now October is on the horizon, the crypto market is recovering.
- On the other hand, some Ethereum whales are still selling out their ETH tokens. So, there are questions of whether they are still scared of an incoming bearish trend. This is according to a recent transaction where one of the Ethereum whales made a massive transfer of over $36 million ETH.
Recently $36 Million Transaction From Ethereum Whales
- Ethereum whales are among the classifications of crypto whales that make the most transfers. So, this massive transaction caught the eye of the whale monitoring platform Whale Alert. This transaction was very huge, with a transfer of 22,343 ETH tokens. So, at the time of making this transaction, the total worth was around 36,976,259 USD.
- More details about this transaction show that it was from an unknown wallet to Coinbase. So, this whale was likely selling out the ETH tokens. Shorting the ETH tokens is another speculation around this transfer. So, details show the occurrence of this transaction was on Fri, 29 Sep 2023 05:42:47 UTC. The sending address was 0x0…bd5, and the recipient wallet address was 0x5…3da from Coinbase.
Ethereum Latest Price Update
- Looking at the current price charts, one can see the recent sale of ETH tokens from Ethereum whales didn’t have much effect on the token’s price. So, when there’s a massive sell-off of tokens like this, the expectation is usually for the price to crash. The reverse is the case here, as Ethereum is trying to keep its massive momentum as it enters the month of October. So, there’s a price increase in the daily and weekly charts.
- At the time of writing, Ethereum’s price is trying to maintain the $1660 price level. So, there’s close to a 1% increase in the price in the past 24 hours. A closer look at the chart shows that it’s all greens and only slight bearish trends. The weekly chart of this token is even much better, with more than a 4% increase. So, the monthly chart is the only thing down at more than 2%negative.
Conclusion
Ethereum whales look like they are perceiving an incoming bearish trend, judging from the massive sale of ETH tokens. So, one of these Ethereum whales made a transfer of over $36 million ETH tokens. But there’s also a possibility that this whale was only shorting his position.
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