Crypto News

Ether Inflows To Exchanges Surge To Highest Levels Since January

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.

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.

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.

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.

Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!

Image Source: ximagination/123RF // Image Effects by Colorcinch

Leave a Comment

Your email address will not be published. Required fields are marked *