NewsletterEthereum 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.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Peter Brandt Hints at Further Downside for Bitcoin After Brief Rebound
- $1.3T BPCE To Roll Out Bitcoin, Ethereum and Solana Trading For Clients
- Why is the LUNC Price Up 70% Despite the Crypto Market’s Decline?
- CoinShares Fires Back at Arthur Hayes, Dismisses Fears Over Tether Solvency
- Bitcoin Stalls Ahead of FOMC as Analyst Van de Poppe Sees No Break Until Tuesday
- Ethereum Price Holds $3,000 as Bitmine Scoops Up $199M in ETH; What Next?
- Solana Price Outlook Strengthens as Spot ETFs See $15.68M in Fresh Inflows
- Dogecoin Price Gears Up for a $0.20 Breakout as Inverse H&S Takes Shape
- Bitcoin Price Forecast as BlackRock Sends $125M in BTC to Coinbase — Is a Crash Inevitable?
- XRP Price Prediction As Spot ETF Inflows Near $1 Billion: What’s Next?
- Solana Price Outlook: Reversal at Key Support Could Lead to $150 Target
