Ethereum
Ethereum selloff fears rise as 56,795 ETH tied to Coinbase
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Ethereum (ETH) is eyeing a rebound after its week-long bearish decline, leveraging the power of its ecosystem’s whales. However, there appears to be a contradictory trend, as on-chain data shows that up to 56,795 Ethereum have moved enter and exit Coinbase within 24 hours.
Ethereum whale transfers, what is happening?
Data from crypto analytics platform Whale Alert shows that ETH has been moving in and out of Coinbase in different tranches, with sell-off fears growing. The largest of these transactions included the transfer of 30,020 ETH worth approximately $86,959,077 from an unknown wallet to Coinbase Institutional.
Even if the true motive for a transfer cannot be guessed, it gives observers the expectation of a massive sell-off. This sender has a very tricky history with Coinbase Prime. The address reportedly converged over 30,000 ETH over the past six days before finally transferring them all at once.
In addition to this, other minor transactions like 7,701 ETH were moved in two tranches, and 7,882 ETH were also transferred from Coinbase Institutional to unknown wallets. The impact of these transfers is currently not negative; However, the price of Ethereum is still to recover its psychologically important level of $3,000.
At the time of writing, Ethereum is changing hands for $2,977.23, up 2.20% in 24 hours. by data from CoinMarketCap.
Ethereum tipping point
One of the most important tipping points for Ethereum is scheduled for the end of the month, the approval or disapproval of the ETH ETF spot product. For the moment, the chances of approval for the approval of this Ethereum spot product (ETF), amounts to 25%, according to Bloomberg analysts.
Ethereum investors may want to exercise due caution to avoid getting caught up in any deal. bearish fallout of the uncertainty surrounding the approval of the ETF. This largely explains why ETH has not traded above the $3,000 mark since May 10.
About the Author
Godfrey Benjamin
Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was born when, as a former banker, he discovered the clear advantages of decentralized money over traditional payments. With his extensive experience covering various aspects of Web3, Godfrey’s articles have been featured on Blockchain.news, Cryptonews, and Coingape, among others.