Thursday, September 29, 2022
HomeCrypto NewsMarket250,000 Ethereum Sent To Binance In One Transaction, 20,000 To FTX In...

250,000 Ethereum Sent To Binance In One Transaction, 20,000 To FTX In Quick Succession

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Over 270k Ethereum (ETH) Has Been Sent To Exchanges as ETH faces increasing selling pressure.


Tracking Whale Alert tweets in the last few hours reveals that over 270k Ethereum has been sent to central exchanges in about 2 hours.

The first couple of transactions over 4 hours ago totaled over 20k ETH and were sent to FTX. Firstly 12,497 ETH worth $17 million was transferred, followed by 8,426 ETH worth over $11.5 million, just 9 minutes later.

 

 

Less than two hours later, the whale tracking platform revealed that a whale had transferred 250,000 Ethereum worth over $338 million, this time to the world’s largest crypto exchange Binance. This puts the total value of Ethereum transferred to exchanges within the short period at over $366 million.

 

It bears mentioning that crypto investors usually send their assets to exchanges with the intention of selling. Consequently, the rapid movement of such large sums of Ethereum could indicate increasingly bearish sentiment among whales and the possibility of a continued sell-off.

Notably, following the success of the Ethereum Merge last Thursday, “hodlers” had expected a huge price upswing for the asset, but that has not been the case. Instead, it appears whales have taken the opportunity to cash in profits, confirming Glassnode’s August analysis that investors planned to “sell the news.”

It is worth noting that the market remains in a state of increased uncertainty as inflation remains high, and the Fed is expected to raise rates by 100 basis points tomorrow. However, a decision to raise rates by less than 100 basis points will likely lead to a relief rally in the markets, as highlighted by crypto pundit Lark Davis in a tweet today.

 

Ethereum is trading at the $1,357.50 price point at press time, 3.95% higher in the last 24 hours. Ethereum has plummeted by over 15% since The Merge.

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Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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