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Ethereum Whales Move 78,900 ETH Amid Price Dip

Significant Ethereum transfers to crypto exchanges impact market dynamics as ETH price experiences slight decline.
Published on 2023-07-20

Ethereum Whales Shift Massive Funds

In the last 24 hours, four Ethereum whales transferred a total of 78,900 ETH to major crypto exchanges Gate.io and Coinbase. This substantial movement coincides with a minor decline in Ethereum's price.

Details of the Transactions

The latest transfer involved 15,000 ETH to the California-based crypto exchange Gate.io. The sending address retains a minimal balance of $859 in cryptocurrencies. The other three transactions, each moving 21,266 ETH, 21,296 ETH, and 21,338 ETH, were directed to Coinbase. Collectively, these transfers are valued at around $150.3 million.

Market Impact and ETH Price Dynamics

Despite these large transactions, Ethereum's price has decreased slightly by 0.23%, trading at $1,905. The cryptocurrency's market capitalization stands at $229 billion, maintaining an 18.9% market share. Interestingly, Ethereum's 24-hour trading volume has increased by 6.16%, exceeding $6 billion. However, the asset still shows a 6% drop from its local peak of $2,026 observed on July 14.

Historical Context of Large Transfers

This recent wave of Ethereum movements to exchanges is not isolated. On July 19, a dormant wallet containing 61,216 ETH worth approximately $116 million was reactivated, transferring its holdings to the Kraken exchange. Such activities highlight ongoing shifts within the Ethereum market, influencing trading behaviors and market sentiments.

Understanding these substantial transfers is crucial for investors and market analysts monitoring Ethereum's price trends and trading volumes.

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