Ethereum whales, who hold a significant number of ETH tokens, have made significant transactions in the past 24 hours. This comes as the global crypto market experiences a crash, leading to a notable decrease in the price of ETH. Market participants are speculating about the reasons behind these large transfers and their potential impact on the token’s value in the future.
The overall crypto market capitalization has dropped by 8% in the past day, reaching $2.11 trillion. April ended on a negative note, with the majority of tokens trading in the red according to CoinMarketCap’s crypto heat map. As a result, Ethereum, the second-largest cryptocurrency by market cap, has lost 8% of its value and is now trading below the $3,000 mark.
Amidst the price decline, major investors are conducting transactions, raising doubts about an imminent price recovery. Let’s examine these transactions more closely.
Details of the 47,000 ETH Token Transfers
WhaleAlert, a tracker for large cryptocurrency transactions, has identified three separate transactions involving at least 10,000 Ethereum tokens being transferred from wallets to the popular centralized exchange. Approximately 10 hours ago, the first transaction moved a substantial 25,060 ETH (worth $75,685,145) from an unknown wallet to Coinbase Institutional.
Shortly after, another transaction took place, transferring exactly 10,924 ETH tokens (worth $32,892,642) from another unidentified wallet to the Coinbase exchange. And it didn’t stop there. Around 8 hours later, the last transaction occurred, involving 10,902 ETH coins valued at $31.6 million.
These significant amounts of ETH being moved to the Coinbase exchange have drawn attention within the crypto space, as observers are closely monitoring these movements for indications of market activity. The actions of these whales, who are capitalizing on the possibility of profit in the absence of a post-halving rally, have added to the general sense of unease among Ethereum users.
It’s worth noting that these transfers and the price decline coincide with the sentencing of Binance founder and former CEO, Changpeng ‘CZ’ Zhao, who was recently handed a 4-month prison sentence. Additionally, the uncertainty surrounding the classification of Ethereum as a security has contributed to the sell-off and increased market volatility.
Ethereum (ETH) Price Movements
Meanwhile, Ethereum is following the broader crypto market’s downward trend. According to the latest data from CoinMarketCap, the price of Ethereum is currently $2,867, representing a 5.80% decline at the time of writing. However, the trading volume of Ethereum has significantly increased during this period. According to the data, ETH’s 24-hour trading volume has grown by 39.5% to reach $20.07 billion, maintaining a live market cap of $350.3 million.
Taking a closer look at derivatives data, ETH’s open interest has decreased by 8.30%, with a current valuation of $7.6 billion. This drop in open interest highlights the rapid changes in Ethereum’s market dynamics and their potential impact on trading activity and investor confidence.
Tags: eth, Ethereum, ethereum whale
