Leading investors within the largest altcoin Ethereum [ETH] likely shifted almost around $200 Mln to exchanges within a fresh hint that price volatility will now hit.
Recent data via on-chain analytics resource Santiment on 23rd July suggested that 700k ETH [around $182.7 Mln] made its way to exchange wallets in only three days following this week.
ETH transfers “forewarning of the pump”
The movements coincided with known non-exchange wallet balances declining by roughly that figure, implying that whales were preparing to sell or trade Ethereum en masse.
Explaining further, Santiment added:
“Nearly 700K $ETH were shifted by top 100 whales within the past 3 days. Over this point, the combined balance of the top 100 non-exchange ETH addresses shrank by almost 700K ETH, or about ~$182.7M, This was likely pre-pump positioning & a forewarning of the pump.”
ETH/BTC has seen renewed interest via the past weeks, fuelled by the DeFi token phenomenon that employs the ERC-20 protocol for transactions. Ethereum 2.0, the long-term protocol upgrade of Ether’s parent network, is about to launch its final testnet later in early August this year.
Two later upticks within the price of Bitcoin in the week had an extra consequence on Ethereum, with 24-hour gains summing to over 7.8% at the reporting time on Thursday – far over Bitcoin’s 1.7%.
“Ethereum up-move on 21st July has carried it on the brink of the overhead resistance zone of $249 USD – $253 USD. If the bulls can propel the worth above the zone, subsequent leg of the uptrend is probably going to resume,” analyst Rakesh Upadhyay added.
Cryptocurrency traders have slowly eased their bearish outlook on the market as long as Bitcoin, especially, has regained some long-lost ground.
A rise to $9,400 USD on Tuesday saw BTC/USD hold levels at around $9,350 USD, prior a new march towards resistance closer to $10k. The markets till remains confident that the crypto market has the strength to hit 5 figures.