Investors were demoralized by the $6,000 drop yesterday at a time when risk appetite was high. Although Bitcoin has managed to hold on to the levels of $ 65,000, the question of whether a new decline will come remains on the agenda.
Although on-chain data shows that we still have a ways to go in Bitcoin, we observe that investors are cautious about the market.
At this stage, a transfer from the Ethereum wing confused them.
According to Etherscan, the Ethereum foundation sent 20,000 ETH to the Kraken exchange. The present value of these ETHs is around $100 million.
Although this data does not make sense on its own, a similar transfer that took place in May caused uneasiness in investors. Because, on May 17, it is seen that 35,000 ETH exits were made from the same wallet. This was worth about 112 million at that time.
After this transfer on May 17, there was a decrease of close to 50% in Ethereum. Although it is not known whether the drop was related to this transfer, the similarity between today’s transfer and the previous transfer was enough to make investors nervous.
Experts evaluate that it would not be the right move to act only according to this data, since it is not known why Ethereums were sent to Kraken, and warn investors to use stops in their transactions.
*Not Investment Advice.