Ethereum Price Dump Incoming? ETH CEXs Inflows Hits 2-Month High

Ethereum News: The second biggest cryptocurrency, Ethereum (ETH) price is on a slight decline over the past week as the digital asset market witnesses increased selling pressure. However, On-chain data suggest that a downward trend might continue for ETH ahead.

Also Read: Solana Introduces Ethereum Virtual Machine Rival “Solang”

Dormant Whale Moves 61K Ethereum

As per the data shared by IntoTheBlock, Ethereum has registered the highest inflows into Centralized exchanges (CEXs) over the past two months. This week, more than $383 million worth of ETH got deposited into CEXs.

It mentioned that a huge portion of the inflows got registered from a single address. An Ethereum ICO participant’s dormant wallet reportedly woke up after 8 years. The wallet went on to deposit all of its holding 61,216 Ethereum (approx worth $116 million) to the crypto exchange Kraken. The whale wallet received its 61K ETH at Ethereum Genesis on the ICO price of $0.31.

WhaleAlert reported that a huge number of Ethereum has been moved by several whales to different crypto exchanges in the last 24 hours. As per the data, whales moved around 93,190 ETH (approx worth $176 million) in multiple transactions.

Coinbase Records Heavy Inflows

The biggest transaction recorded by the tracker has been of moving 21,266 Ethereum (approx worth $40 million) to the crypto exchange Coinbase. However, Coinbase has registered a massive inflow of 63,160 Ethereum (approx worth $120 million) in the last 24 hours.

The crypto exchange GateIO recorded an inflow of 30,000 ETH (approx worth $57 million) in the same period. While crypto Whale went on to move its 16,000 Ethereum (approx worth $20.3 million) from Binance to Binance Beacon deposit, which converts it into the Wrapped ETH (WETH).

Ethereum price is under a minor correction as it dropped by around 5% in the last 7 days. ETH is trading at an average price of $1,889, at the press time. Its 24 hour trading volume is up by 15% to stand at $6.3 billion.

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