The cryptocurrency market saw significant activity over the weekend, with the amount of Ether (ETH) flowing into exchanges reaching its highest point since January.
On Saturday, a netflow of 140,660 ETH was recorded, marking the largest net deposit to exchanges in over four months. High inflows to exchanges are typically indicative of selling behavior, as traders either aim to lock in profits or respond to fear, uncertainty, and doubt (FUD) in the market.
The amount of Ether flowing into exchanges hit the highest point since January!
With a netflow of 140.66k $ETH on saturday, this marks the highest net deposits to exchanges in over 4 months.
High inflows to exchanges are typically a sign of selling behavior, as people either… pic.twitter.com/XAesouv0XR
— IntoTheBlock (@intotheblock) May 28, 2024
In a notable transaction, a savvy trader sold 3,025 ETH for 11.8 million DAI at a price of $3,904 per ETH eight hours ago, netting a profit of approximately $1.11 million.
This individual, known for strategic trading moves, had accumulated 17,770 ETH between 2017 and 2020 at an average price of $182. This stockpile was later sold on March 28, 2024, at $3,503 per ETH, yielding a substantial profit of about $59 million.
A smart money sold 3,025 $ETH for 11.8M $DAI at $3,904 8 hours ago, making a profit of ~$1.11M.
This smart money also accumulated 17,770 $ETH from 2017 to 2020 at an average price of $182 and sold at $3,503 on Mar 28, 2024, making a profit of ~$59M!https://t.co/JqcvYEz7Ww pic.twitter.com/MaQX7LaeVh
— Lookonchain (@lookonchain) May 28, 2024
Another Significant Ethereum Whale Makes Moves To Withdraw ETH From Exchanges
In another significant move, a whale recently withdrew 2,856 ETH, valued at around $11 million, from the Kraken exchange.
This whale had previously accumulated 35,176 ETH, valued at $15 million, at an average price of $428 between October 2, 2018, and November 13, 2022. The entire amount was then deposited into Kraken at $1,610 per ETH on October 20, 2023, generating a profit of approximately $41.6 million.
A whale withdrew 2,856 $ETH($11M) from #Kraken 1 hour ago.
The whale accumulated 35,176 $ETH($15M) from #Kraken at $428 between Oct 2, 2018 and Nov 13, 2022.
Then deposit all into #Kraken at $1,610 on Oct 20, 2023, making ~$41.6M.
But his sell-off was mistimed, the crypto… pic.twitter.com/G55XN4UP6S
— Lookonchain (@lookonchain) May 28, 2024
However, this whale’s timing was less than perfect. The crypto market entered a bull run shortly after his sell-off. If he had held onto his ETH until now, his profits would have been significantly higher, estimated at around $122 million.
These transactions highlight the volatility and strategic considerations inherent in the cryptocurrency market. As Ether continues to flow into exchanges, the market watches closely to see if this trend signals further selling pressure or merely a temporary shift in trading dynamics.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
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