Ethereum co-founder Vitalik Buterin and Ethereum whales sent $60 million worth of ETH to exchanges. Amid these developments, the leading altcoin fell to its lowest level in 14 months against the leading crypto Bitcoin. The recent decline in the ETH/BTC rate continues a trend that started more than a year ago.
While whales and its founder carry altcoins to the exchanges, ETH/BTC is at the bottom
Major token holders, including Ethereum co-founder Vitalik Buterin, are likely moving the coins to crypto exchanges as a prelude to selling. With the impact of this situation, the ETH/BTC rate dropped to its lowest level in 14 months. According to TradingView data, ETH-BTC fell to 0.0602 on Tuesday, its lowest value since July.
The recent price movement extended a trend that began in September 2022. It also confirmed some bearish predictions from analysts for the second-largest cryptocurrency by market cap. Marcus Thielen, head of strategy and research at Matrixport, said Monday that Ethereum’s protocol revenues have been declining for the past three months and that he expects BTC to continue outperforming the broader crypto market, including ETH. Popular crypto analyst Benjamin Cowen, founder of IntoTheCryptoverse, also shared his views. Cowen noted that a potential deterioration in the value of ETH against BTC could be on the cards.
Major ETH investors took action
The latest drop in price occurred when some prominent investors, also known as whales, recently deposited a total of 60 million ETH into crypto exchanges, raising alarm about the altcoin price dropping further. Market participants are closely monitoring the whales’ on-chain maneuvers. Because whales are considered well-informed. There is also an opinion that they have a huge impact on the market. The transfer of assets to an exchange usually indicates an intention to sell. Conversely, withdrawals indicate accumulation.
According to Blockchain data recorded by security firm PeckShield, Ethereum co-founder Vitalik Buterin transferred 300 ETH worth approximately $493,000 to Kraken on Tuesday. The deposit is quite small. However, given the importance Buterin places on Ethereum, it has sparked speculation among altcoin watchers.
Blockchain detective Lookonchain shared that another whale has piled up crypto exchanges in the last four days. He stated that the whale deposited a total of 30,000 ETH, worth approximately $50 million, into Binance, OKX and KuCoin. Lookonchain also noted the actions of a whale who purchased tokens from Ethereum’s initial coin offering (ICO). Because this wallet deposited 6,000 ETH worth $10 million to Kraken on Monday. The analytics platform also stated that this organization received approximately 255,000 ETH during the ICO. This amount corresponds to $423 million at the current price. cryptokoin.comAs you know from , the initial price of the token in the ICO was around 31 cents. In this case, if the whale sells now at $1,650, this would represent a profit of 527,000%.
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