Since mid-August, transactions involving cryptocurrency whales have significantly declined.
Bitcoin transactions of $100,000 or more have dropped by 33.6% from their peak levels in March and April. Ethereum transactions in the same value range have plummeted even further, with a 72.5% decrease from their peak.
🐳 Cryptocurrency's whale transactions have seen a noticeable drop-off since mid-August
🪙 Bitcoin: -33.6% drop in $100K+ transfers since March/April peak
🪙 Ethereum: -72.5% drop in $100K+ transfers since March/April peakThis isn't necessarily a bearish signal. Whales can be… pic.twitter.com/iGNRt2roPL
— Santiment (@santimentfeed) September 11, 2024
This decline is not necessarily a bearish indicator. Whales, who hold significant amounts of cryptocurrency, can be active whether markets are bullish or bearish. The drop in whale transactions suggests that major stakeholders might be waiting for optimal conditions—whether during periods of extreme market greed or fear—before making their next moves.
More ETH Sales From Wallet Associated With Vitalik Buterin
In recent notable transactions, a wallet associated with Vitalik Buterin sold 190 ETH for approximately 441,971 USDC. This wallet had received 3,800 ETH from Buterin and has since sold 950 ETH at an average price of $2,396 since August 30. Additionally, the team behind Friend.tech liquidated 19,477 ETH, totaling $52.4 million, between December 2, 2023, and June 11, 2024. The price of Friend.tech’s token has dropped 95% since its launch.
A wallet related to vitalik.eth(@VitalikButerin) sold 190 $ETH for 441,971 $USDC again 20 minutes ago!
The wallet received 3,800 $ETH($9.8M) from #Vitalik and has sold 950 $ETH($2.28M) at an average price of $2,396 since Aug 30.https://t.co/K6i8Wr8vZ3 pic.twitter.com/GgHvs3gxft
— Lookonchain (@lookonchain) September 11, 2024
The https://t.co/7UU3SB86ts team sold 19,477 $ETH($52.4M) from December 2, 2023, to June 11, 2024!
The price of $FRIEND has dropped 95% since its launch. pic.twitter.com/2c7LcCtK3Q
— Lookonchain (@lookonchain) September 11, 2024
Metalpha also made headlines by depositing 21,999.5 ETH, worth about $51.16 million, into Binance today. Over the past five days, Metalpha has deposited a total of 55,588 ETH, valued at $128.7 million, and currently holds 30,500 ETH worth $70.3 million.
Metalpha deposited 21,999.5 $ETH($51.16M) to #Binance again 1 hour ago.#Metalpha has deposited a total of 55,588 $ETH($128.7M) to #Binance in the past 5 days and currently holds 30.5K $ETH($70.3M).https://t.co/Ubxf8zwbmS pic.twitter.com/I65caBzU4L
— Lookonchain (@lookonchain) September 11, 2024
On a positive note for Ethereum, the spot ETF market saw its first net inflow in five days on September 10, totaling $11.437 million. Fidelity’s ETF FETH contributed $7.1269 million, while BlackRock’s ETHA added $4.3101 million. This uptick suggests renewed institutional interest in Ethereum despite the broader market trends.
Ethereum spot ETF had a total net inflow of $11.437 million on September 10, the first net inflow after net outflows in the past 5 days. Fidelity ETF FETH had an inflow of $7.1269 million, and BlackRock ETF ETHA had an inflow of $4.3101 million. https://t.co/Tvs2oCSxTg
— Wu Blockchain (@WuBlockchain) September 11, 2024
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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