Key Points
- Ethereum whales have significantly moved ETH to exchanges, impacting the market’s netflow.
- This move coincides with a drop in ETH’s price and an increase in exchange supply.
Ethereum Whales’ Significant Move
Ethereum [ETH] whales have recently made a significant move impacting the market’s netflow. This move has been accompanied by a drop in the price of Ethereum and an increase in the supply on exchanges.
Data from Lookonchain reveals that six Ethereum whales transferred ETH to the Binance and Coinbase exchanges. The largest deposit was 10,431 ETH, valued at $32.66 million, while the smallest was 2,000 ETH, valued at $6.28 million.
Increased Selling Pressure
In total, these whales deposited 44,000 ETH, worth $140 million, to exchanges. Before this, another whale had deposited 11,892 ETH, approximately $38 million, to an exchange. This suggests an increased selling pressure as more traders are selling ETH rather than buying.
A recent analysis of Ethereum inflows on CryptoQuant indicated that on 29th April, over 281,000 ETH were deposited into exchanges. However, the exchange netflow revealed an interesting trend. On 29th April, the Netflow of ETH into exchanges was over 58,500, with inflows surpassing outflows.
The supply of Ethereum held on exchanges has been gradually increasing. At the beginning of the month, the supply of ETH on exchanges was around 15.31 million. However, this volume has risen to approximately 16.5 million.
Ethereum’s price experienced a dip on 29th April. Trading at around $3,215, ETH experienced a 1.44% decline, reversing the minor uptrend observed in the preceding days. At the time of writing, ETH was trading at approximately $3,160, reflecting a further decline of around 1.7%.
