Ethereum, one of the most prominent cryptocurrencies within the digital assets realm, recently gained significant traction across the broader crypto market following a noteworthy transaction on Saturday. According to the on-chain data floating over the crypto horizon, Paradigm, an institutional liquidity network, dumped substantial amounts of ETH to Coinbase, one of the world’s leading crypto exchanges.
The dumping of Ethereum to the aforementioned CEX soon nabbed noteworthy attention among crypto market enthusiasts globally as the transaction surfaced within the market amid the token’s price drop. Intriguingly, Ethereum’s price today traded briefly in the green, fueling market optimism. However, with the transaction emerging within the crypto landscape, the price promptly went downwards, curating a hurricane of speculations for the cryptocurrency.
According to the data unveiled by Lookonchain, a platform streamlining on-chain metrics, Paradigm deposited 6,500 ETH, worth $14.67 million, to Coinbase today, January 6, 2024. Intriguingly, Paradigm accumulated these ETH at phenomenal price lows.
Moreover, as per past market data, Paradigm seems to be mirroring smart money addresses, gathering colossal amounts of ETH amid bearish market sentiments and thereafter selling the same in bullish markets. Concerning this, even today’s ETH deposit was accumulated at a price low when ETH was evaluated at less than $500. Now, as the price crosses $2,200, Paradigm appears to have sold the aforestated number of ETH to Coinbase, garnering notable profits.
Also Read: OpenAI & Microsoft Face Another Lawsuit Amid NYT Woes Over AI Training
As of writing, the Ethereum price noted a marginal drop of 0.81% over the past 24 hours and is currently trading at $2,236. Moreover, this dip was further accompanied by a weekly drop of 2.83%, followed by a monthly fall of 1.66%.
Intriguingly, today’s price briefly traded in the green, amassing significant attention among crypto market traders and investors globally. However, it soon started moving downwards, aligning with Paradigm’s massive selloff around the same time period.
Also Read: Solana (SOL) Price Falls Below $95 Amid Wider Crypto Sell-Off
Billionaire hedge fund manager, Paul Tudor Jones believes that there is a massive price gains…
Crypto exchange Robinhood is currently experiencing an outage, with users reporting issues accessing their accounts.…
BitMine Immersion Technologies chaired by Fundstrat’s Thomas “Tom” Lee, has accumulated roughly $820 million in…
The crypto industry has already lost more money in the first half of 2025 than…
Crypto exchange Binance on Monday said it will list next-generation decentralized perpetual exchange Aster's crypto…
A whale alert regarding a massive $55 million XRP transfer to a Ripple wallet sparked…