🔍 Analysis: Sharks start pushing ETH onto the exchange with a large volume!
On-chain data has just recorded a notable move from a large entity as they continuously transfer ETH to CEX exchanges:
📉 Transaction details:
- Deposited to exchanges: 109,806 ETH (~$266 million)
- Average cost basis: $2,430
- Total planned sell-off target: 167,854 ETH (~$406 million)
Quick analysis: If the selling plan is completed, this entity could pocket a massive profit of about $122 million (thanks to accumulating from two years ago in the $1,700 price zone). Typically, pushing a large amount of tokens onto an exchange will create downward price pressure in the short term due to strong profit-taking activity.
At present, this wallet still holds more than 58,000 ETH. Is this a sign of an upcoming price correction, or simply a portfolio rebalancing?
👉 Hot coin, quick news — Follow the Channel https://app.binance.com/uni-qr/cpro/Square-Creator-4a0f2008149d?l=en&r=BOZMO8A1
#ETH #Ethereum #CryptoNews #Onchain $ETH #ETH
On-chain data has just recorded a notable move from a large entity as they continuously transfer ETH to CEX exchanges:
📉 Transaction details:
- Deposited to exchanges: 109,806 ETH (~$266 million)
- Average cost basis: $2,430
- Total planned sell-off target: 167,854 ETH (~$406 million)
Quick analysis: If the selling plan is completed, this entity could pocket a massive profit of about $122 million (thanks to accumulating from two years ago in the $1,700 price zone). Typically, pushing a large amount of tokens onto an exchange will create downward price pressure in the short term due to strong profit-taking activity.
At present, this wallet still holds more than 58,000 ETH. Is this a sign of an upcoming price correction, or simply a portfolio rebalancing?
👉 Hot coin, quick news — Follow the Channel https://app.binance.com/uni-qr/cpro/Square-Creator-4a0f2008149d?l=en&r=BOZMO8A1
#ETH #Ethereum #CryptoNews #Onchain $ETH #ETH