Coinbase’s deposit flows have flashed red again over the past few hours.
A closely watched whale wallet, with roughly $60.2 million in positions still on its books, has moved 14,481 $ETH to Coinbase in a single push over the past few hours—worth about $32.6 million at the time. Moving a position-sized chunk of roughly half the holdings right to the exchange is no small move.
Once funds reach an exchange, that doesn’t necessarily mean an order will be placed right away, but the selling channel is now open. Binance ETHUSDT perpetuals are one of the major markets to watch. For now, keep an eye on whether funding rates, open interest, and spot-market depth start to wobble. If selling pressure materializes, this is often where it shows up first.
I’m leaning bearish this time. A tracked whale has proactively moved more than $30 million worth of tokens to the edge of the sell side, so be cautious in the short term and don’t rush to chase longs.
Beginners should watch more and trade less. If you’re buying crypto, stick to $BTC
A closely watched whale wallet, with roughly $60.2 million in positions still on its books, has moved 14,481 $ETH to Coinbase in a single push over the past few hours—worth about $32.6 million at the time. Moving a position-sized chunk of roughly half the holdings right to the exchange is no small move.
Once funds reach an exchange, that doesn’t necessarily mean an order will be placed right away, but the selling channel is now open. Binance ETHUSDT perpetuals are one of the major markets to watch. For now, keep an eye on whether funding rates, open interest, and spot-market depth start to wobble. If selling pressure materializes, this is often where it shows up first.
I’m leaning bearish this time. A tracked whale has proactively moved more than $30 million worth of tokens to the edge of the sell side, so be cautious in the short term and don’t rush to chase longs.
Beginners should watch more and trade less. If you’re buying crypto, stick to $BTC
