$33 Million Worth of Ethereum (ETH) Transferred – Discover the Reason
Ethereum (ETH) has recently been in a phase of consolidation, indicating a lack of strong support from bullish investors. Interestingly, there have been instances of sell-offs in the market. According to Whale Alert, a significant Ethereum whale initiated a substantial sell-off of Ethereum tokens earlier today.
The whale in question transferred 10,291 ETH to the crypto exchange Coinbase, amounting to approximately $33.7 million at the current price of ETH. The timing of this transfer is crucial, coinciding with Ethereum’s struggle to gather bullish momentum.
Typically, crypto whales store their assets in personal wallets but move them to exchanges when planning to sell. In this case, the transfer of ETH to Coinbase by the whale suggests an imminent sell-off.
Such actions by whales can potentially trigger a downward trend for Ethereum, adding bearish pressure to an already struggling market. This sell-off also indicates a lack of significant interest from major traders in Ethereum.
At present, Ethereum is trading at $3,249, reflecting a 0.82% decrease in the last 24 hours and a 7.18% decline over the same period. While this decline does not constitute a major crash, it does raise concerns within the market.
Recently, the U.S. SEC approved spot Ethereum ETFs, leading to substantial investor inflows upon their launch. Despite these positive developments, Ethereum’s price has not responded optimistically and remains in a bearish state. It is essential to note that significant market shifts do not always result in immediate rallies but rather have long-term positive effects, potentially signaling a turnaround for ETH in the near future.
