In a significant development within the cryptocurrency market, two notable entities have recently made deposits of a combined 8,510 Ethereum ($ETH), valued at around $21.9 million, to centralized exchanges (CEXs), as reported by Spot On Chain.
Within the past few hours, two major market players, including a participant in the Ethereum initial coin offering (ICO) and Genesis Trading’s bankruptcy wallet, have deposited 8,510 Ethereum ($21.9 million) to CEXs!
The Ethereum ICO whale, referred to as “0xb8c,” has sent 3,510 Ethereum ($9.04 million) to Kraken after a hiatus of three months. This whale still holds a substantial amount of Ethereum, approximately 136,000 ETH worth around $358 million, spread across eight different wallets.
Additionally, the wallet associated with the Genesis Trading bankruptcy, known as “0x999,” has transferred 5,000 Ethereum ($12.9 million) to FalconX. This wallet still controls approximately 162,000 ETH, equivalent to approximately $423 million, indicating that the company still manages significant funds.
This recent activity coincides with a period where the price of Ethereum closely aligns with that of Bitcoin ($BTC), with both assets experiencing fluctuations in value over the past few hours. The correlation between these major cryptocurrencies raises questions about the underlying sentiment and potential future direction.
Amidst this large transaction activity, the Ethereum market remains dynamic. Market experts are closely monitoring the impact of these transactions on the price of Ethereum in the future. The influx of ETH into exchanges may prompt further trading or forced selling of positions, affecting the supply and demand dynamics of Ethereum.
As demonstrated by the stakeholders mentioned by Spot On Chain, the cryptocurrency market remains highly dynamic and unsettled. Both traditional stock market investors and technical analysts will be observing the effects of these transactions on the price of Ethereum in the coming days. Given the uncertainty in the broader crypto market, monitoring the activities of major players becomes crucial for better understanding and predicting market trends. These players’ actions could serve as key indicators for future price movements in Ethereum and the overall crypto market.