Ethereum (ETH) has seen its price slip in the past few hours, compounding the marketwide losses it has recorded in the past 24 hours. Within this period, several batches of Ethereum were moved in and out of top trading platforms, which suggests that a major sell-off might be underway.
Ethereum whales acting ahead of ETF decision
According to data from crypto analytics provider Whale Alert, about 142,177 ETH have moved in and out of trading platforms, wallets and custody service engines in 24 hours. One of the smallest amounts recorded on-chain features 6,455 ETH worth $24,109,913 sent from an unknown wallet to Wintermute, to the 30,440 ETH valued at $115,709,365 sent to Coinbase Institutional.
🚨 🚨 🚨 🚨 🚨 30,440 #ETH (115,709,365 USD) transferred from unknown wallet to Coinbase Institutionalhttps://t.co/LqkfUiDpKL
— Whale Alert (@whale_alert) May 21, 2024
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Ideally, whenever whales or entities move a particular digital currency to either a centralized or decentralized trading platform, it typically connotes that a sell-off is imminent. While it is not particularly true that tokens sent to exchanges will be sold off, the current dispositions around Ethereum whale action call for caution.
With the spot Ethereum ETF application decision just about 24 hours away, the tension on the market is heightened as many traders are somewhat skeptical about the likelihood of approval. The current market data shows Ethereum is down by 2.68% in the past 24 hours to $3,708.13. The slip in price also showcases the waning sentiment as traders choose safety until an ETF decision is made.
Market enthusiasm unpredictable
It remains somewhat difficult to properly gauge the disposition of traders overall. At the moment, Ethereum Open Interest (OI) as measured by Coinalyze is down by 4.85% in 24 hours to $11.6 billion, setting a clear stance on the derivatives market front.
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In the end, more dramatic price action is imminent in the next few days as the U.S. SEC breaks the final decision on VanEck and Ark 21Shares spot Ethereum applications.
