As 400K ETH is moved from crypto exchanges, the price of Ethereum slips
Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has caught the attention of whales due to a recent drop in price. In line with the general decline of the cryptocurrency market, whales were deeply involved in the massive accumulation of ETH.
Since the price of Ethereum fell below the psychological support level of $1,200, Ethereum whales, who hold enormous amounts of the cryptocurrency, have been accumulating more of it. The FTX exchange spread contagion to significant cryptocurrency players, lowering the value of Bitcoin, Ethereum, and other cryptocurrencies.
Whale Alert claims that whales are actively accumulating ETH. The report revealed that whales had moved nearly 400,000 ETH from various cryptocurrency exchanges.
Show Tweet from <blockquote class="twitter-tweet"><p lang="en" dir="ltr">🚨 🚨 🚨 🚨 🚨 95,814 <a href="https://twitter.com/hashtag/ETH?src=hash&ref_src=twsrc%5Etfw">#ETH</a> (106,435,769 USD) transferred from unknown wallet to unknown wallet<a href="https://t.co/veZyRnxYRj">https://t.co/veZyRnxYRj</a></p>— Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1594830602905296912?ref_src=twsrc%5Etfw">November 21, 2022</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Despite the recent drop in price, it shows that $445 million has been distributed to numerous unidentified wallets. Ether worth $333 million was recently moved by whales from Upbit.
The addition of $129.1 million in Ether represented the most significant transaction. In addition, a whale amassed 99.99K ETH from the Bitfinex cryptocurrency exchange, and the transaction was recorded as worth $12.4 million.
On-chain data showed that HODLers have been accumulating the top altcoin since November 6 despite the price of ETH trading at levels last seen in June.
According to CryptoQuant data, the coin's exchange reserve has been steadily decreasing, which suggests that fewer ETH sell-offs have occurred since the collapse of FTX and that more investors have bought than sold.
In the last 24 hours, Ethereum's trading volume has soared to over $13.1 billion, representing a more than 100% increase from the previous day.
At the time of writing, the price of Ether is hovering around $1,102.74, down 2.51% from the day before.
The token's market cap is currently $134.95 billion and has lost 12.09% of its value over the last seven days.
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