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Ethereum: Unexpected $12 million whale surge electrifies the crypto market

Tue 14 May 2024 ▪ 3 min of reading ▪ by Fenelon L.
Getting informed Altcoins

One of the earliest investors in Ethereum recently transferred over $12 million worth of ETH to a crypto exchange platform, fueling the bullish trend of net inflows observed in recent days. Could this whale activity influence the price of ETH, which is nearing $3,000?

Une baleine Ethereum bouscule le marche crypto

One of the earliest Ethereum wallets makes a significant transfer

According to information provided by Spot on Chain, a substantial transfer of 4,153 ETH, valued at over $12 million at the current rate, was made to the exchange platform Coinbase on May 13.

This wallet, belonging to one of the earliest investors in Ethereum, has deposited more than 9,000 ETH on various crypto exchanges since 2021, representing a total value of over $21 million.

Currently, this wallet still holds 2,566 ETH, equivalent to over $7 million. This recent whale movement contributed to a significant increase in the positive Ethereum net flows observed over the past three days.

Although this transfer represents a relatively modest amount compared to the total volumes traded on the crypto market, such activity can sometimes influence price dynamics and investor perception.

Increasing ETH inflows and rising volume

The data from CryptoQuant highlights a notable increase in ETH inflows to crypto exchange platforms. While net flows fluctuated between 3,000 and 4,600 ETH over the past three days, they rose to over 18,000 ETH at the time of writing.

At the same time, Ethereum’s trading volume rebounded above $10 billion, after a dip during the previous session.

This increase in activity coincides with a bullish trend in ETH’s price, which has risen by more than 1.7% to trade around $2,980, nearing the psychological threshold of $3,000, considered a key resistance zone. Analysts will closely monitor the evolution of these metrics in the coming days to assess their potential impact on market dynamics.

The recent $12 million ETH transfer by one of the earliest investors comes amid rising inflows and increasing volumes on exchange platforms. 

While its direct influence on the price remains uncertain, this whale activity undeniably contributes to the current excitement in the Ethereum market, which is nearing the symbolic $3,000 level. The evolution of these indicators in the coming days will be crucial to anticipate ETH’s short-term trajectory.

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Fenelon L. avatar
Fenelon L.

Passionné par le Bitcoin, j'aime explorer les méandres de la blockchain et des cryptos et je partage mes découvertes avec la communauté. Mon rêve est de vivre dans un monde où la vie privée et la liberté financière sont garanties pour tous, et je crois fermement que Bitcoin est l'outil qui peut rendre cela possible.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.