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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Bearish Signal? Whale Transfers Over 70,000 ETH To Exchange

Samuel Edyme
Samuel Edyme
2 years ago
3 mins read
Ethereum Whale

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While Ethereum (ETH) has tread carefully amid the various sentiments about the crypto market, a large investor seems to be close to dumping its ETH holdings on the market. Earlier today, the on-chain analysis platform Lookonchain revealed some enormous transactions going on behind the scene of Ethereum.

According to the analysis platform, over 70,000 ETH was seen transferred to the popular crypto exchange Bitfinex hot wallet nearly six hours ago. Regardless, Ethereum still trades above $1,900 which indicates the whale may not have made any decision yet with the transferred Ether.

Over 70,000 Transferred To Exchange, Why?

In one of its Twitter posts posted earlier today, Lookonchain noted an Ethereum whale with the address “0x8033” transferred 75,311 ETH worth $144 million to Bitfinex exchange Hot Wallet. Though, the whale’s move on sending the ETH is still unknown, however, it could be a possible sell-off.

Related Reading: Experts Expect Ethereum (ETH) To Break $2,000 Shortly, Here’s Why

According to Lookonchain, the same whale received 76,212 ETH from Bitfinex on January 5 in 2019, when ETH still had a market price of around $156. The whale eventually deposited 900 ETH into Tornado Cash on December 6, 2020.

Despite the whale’s unknown pending decision, It is worth noting that the whale might be looking to take profits, which means selling all of the over 70,000 ETH sent to the Bitfinex exchange.

This is because, in the crypto market, a large amount of deposit of an asset to exchange may indicate an upcoming selling pressure as exchanges are where most large investors go to sell their holdings of an asset.

Massive Dip Incoming For Ethereum?

Though as earlier stated, this news could mean a possible large sell-off of ETH is about to take place in the Ethereum market. However, looking at the ETH price chart, the asset does not seem to show any upcoming plummet, from a technical perspective.

Ethereum (ETH) price chart on TradingView
Ethereum (ETH) price is moving sideways to tap into the $2,000 zone on the 1-day chart | Source: ETH/USDT on TradingView.com

On the 1-day chart, ETH now seems to be looking to break above a notable high which is just above the $2,000 region. Should ETH eventually break past that zone, the asset’s price could see a quick spike that may bring it closer to the next notable high which is seen at the $2,100 region.

Related Reading: Ethereum Breaks $1,900 As Sharks Continue Accumulation

Meanwhile, after surviving a slight retracement over the weekend, ETH is currently in the green up by 2.5% in the last 24 hours. The asset’s price has moved from trading at a low below $1,800 during the weekend to trading above $1,900 at the time of writing following its bullish trend from the beginning of the day. 


Featured image from Unsplash, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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The highest standards in reporting and publishing
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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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