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Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
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Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
Ethereum whale

Massive Ethereum Whale Transfer Threatens To End ETH Rally, Here’s Why

Scott Matherson by Scott Matherson
1 month ago
in Ethereum
Reading Time: 3 mins read

In a recent development, Ethereum’s latest resurgence (up over 12% in the last seven days) could be threatened by the actions of an Ethereum whale who could potentially end the token’s rally and further cause it to decline. 

Ethereum Whale Moves 30,710 ETH

In a post shared on the X (formerly Twitter) platform, a crypto-related account with the username ‘EmberCN’ noted that a particular Ethereum whale who had withdrawn a total of 42,311 ETH from the crypto exchange Binance since September 20 had just transferred 30,710 ETH (out of the withdrawn funds) back to Binance. 

Related Reading: Pro-XRP Legal Expert Shares Expectations If SEC Wins Appeal Against Ripple

The account further mentioned that the average ETH price at which this whale had accumulated these tokens is about $1,667, which instantly shows that the whale is currently in profit and could be looking to realize some of their gains by selling the transferred tokens on Binance. 

However, the crypto community will be more concerned with how a potential sell-off could negatively impact the market. It would add to the selling pressure on the asset, which could cause a decline, especially if there is no buying pressure to match it. 

Some might be more inclined to believe that this amount of ETH may not matter in the grand scheme of things, considering that it was recently reported that Ethereum’s ‘Billionaires’ control one-third of the token’s circulating supply. This category of persons is those who hold 1 million ETH and above. 

It is also worth mentioning that on-chain data shows that the Ethereum whale has, since the transfer of the 30,710 ETH, gone on to transfer the tokens to another Binance wallet, which has spread the ETH across different wallets. 

Another Busy ETH Whale

In a post shared on its X platform, the analytics platform Scopescan revealed that the 1inch investment fund had sold 4,685 stETH (staked Ethereum on the Lido platform) for $8.54 million at an average price of $1,823. In the process, they realized an estimated profit of $1.28 million as these stETH were said to be bought on October 13 at the average price of $1,550.

Related Reading: Bitcoin Spot ETF Approval: Why Price Could Be Set For 300% Surge

The move may not come as a surprise to some as the investment fund, which has close ties to the DEX aggregator 1Inch, has been actively trading Ethereum since the beginning of the year. During that period, it bought a cumulative total of 17,000 ETH and then went on to take some profits by liquidating 11,000 ETH at $1,906 for $21 million, making a profit of about $3.7 million in the process.

These whale movements may have had an impact on Ethereum’s price as the token is, at the time of writing, trading at around $1,770, down over 2% in the last 24 hours, according to data from CoinMarketCap. 

Ethereum price chart from Tradingview.com (ETH whale)

ETH price picks up steam | Source: ETHUSD on Tradingview.com
Featured image from Nairametrics, chart from Tradingview.com
Tags: cryptocrypto newsETHETH newseth priceethereumethereum newsethereum priceEthereum WhaleethusdETHUSDTWhale news
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Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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