Over the past day, a significant shift in Ethereum assets has been observed as Ethereum whales have made notable movements, transferring around 14,000 ETH to various exchanges. Despite these substantial transfers, the price of ETH has maintained its uptrend. But what do these movements mean for the market and how are the values of 1, 10, 100 ETHs affected?
Whale Activity in the Ethereum Market
Recent data from Lookonchain reveals a significant transaction involving an Ethereum whale. This individual, who was part of the Initial Coin Offering (ICO), transferred 6,000 ETH, approximately $10 million, into the Kraken exchange. Interestingly, this whale purchased 254,908 ETH during the ICO phase at roughly $0.31 per ETH. The value of these holdings has seen a massive appreciation, now exceeding $422 million at the current market price.
On the same day, Etherscan reported another major transaction. A separate whale moved 8,000 ETH, valued at over $13.2 million, to the Binance [BNB] exchange. This whale had previously transferred 12,000 ETH, about $20 million, to Binance just over 20 days ago. The total ETH transferred by whales in the last 24 hours adds up to 14,000 ETH.
The Effect of Whale Movements on Ethereum Exchange Flow
As per the CryptoQuant exchange netflow metric, more ETH was exiting exchanges than entering them at the close of trading on 18th September. The netflow recorded was roughly -25,873. However, as of now, the netflow has turned positive, recording over 29,000. This shift suggests that more Ethereum is flowing into exchanges, indicating an increased selling pressure in the market.
A look at the volume chart on Santiment reveals that there’s been a recent surge in trading volume following a period of decline. The trading volume at press time was over $5 billion, following a peak of over $6 billion during the previous trading session.
Ethereum Trends Remain Unaffected by Whale Activity
The daily timeframe chart of Ethereum indicates that the recent influx of Ethereum into exchanges has not negatively impacted its price trend. ETH closed the previous trading session at approximately $1,637, marking an almost 1% price increase. Furthermore, as of this writing, ETH has continued its upward trajectory and is trading at around $1,643, with a less than 1% increase in price. However, it’s still trending below the neutral line on its Relative Strength Index (RSI), suggesting potential for further price movement.
For those interested in tracking these market movements, the cryptoview.io application can be a useful tool. It offers comprehensive insights into the trends and movements in the cryptocurrency market, helping users make informed decisions.
