Key Points
- Significant amounts of Ethereum have been transferred from Genesis recently, totaling nearly $127 million within the last 24 hours.
- Despite a price decline in Ethereum, traders remain positive, anticipating a price rebound.
Large Ethereum Transfers
In recent times, considerable quantities of Ethereum have been moved from Genesis. These transfers have been substantial, continuing a trend from the previous month. Despite a coinciding price drop, market sentiment remains optimistic.
$127 Million Ethereum Moved
Genesis, a well-known trading firm, has made headlines due to substantial Ethereum transactions from its wallets. One of Genesis’s Ethereum addresses transferred 27,500 ETH, valued at roughly $87.09 million. Additionally, a Genesis-linked wallet transferred 12,500 ETH, worth about $39.59 million. These transactions amount to nearly $127 million moved in the last 24 hours.
This activity follows a recent transaction where Genesis moved 9,644.4 ETH valued at over $31 million.
Genesis’s Legal Settlement
In May, Genesis settled a significant lawsuit in New York. The lawsuit was centered around Genesis’s Earn program, which allegedly misled investors about investment risks. The court case revealed that at least 29,000 New Yorkers, who contributed more than $1.1 billion to the program, were involved. As part of the settlement, Genesis has to pay $2 billion to investors who were deemed to have been defrauded.
Positive Market Sentiment
Despite a nearly 2% price decline to around $3,133, marking the fourth consecutive day of declines for Ethereum, overall market sentiment remains positive. This positivity can be measured through the funding rate on Coinglass. Analysis showed the funding rate was around 0.0078%, at press time. The positive funding rate, despite the price decline, indicates a possible price rebound. This suggests traders believe the ongoing drop is temporary.
