Ethereum On the (ETH) front, selling pressure continues to increase. According to recent reports, transfers to Binance triggered the price drop.
According to CoinMarketCap data, Ethereum is currently trading at $1,169. In the last 24 hours, it has decreased by 4%. A whale address transferred 73,224 ETH worth $85.67 million to Binance, according to on-chain researcher Lookonchain.
This movement of investors is often seen when they want to sell their crypto assets or use them as margin in derivatives transactions. This high entry to the stock markets also increases the volatility in the price.
Ethereum Assets Flow to Exchanges
Lookonchain warns Ethereum investors about high selling pressure warned. According to Lookonchain, the address carrying over 73,000 ETH to Binance was the one that pulled 84,131 ETH from decentralized exchange Curve’s staked Ethereum (stETH)-ETH liquidity pool last week.
The whale who removed 84,131 $ETH ($101M) from Curve 3 days ago is transferring $ETH to #Binance.
He transferred a total of 73,224 $ETH ($85.7M) to #Binanceleaving 11,884 $ETH ($13.9M).
Watch out for selling pressure of $ETH!https://t.co/8KRdt8kopHhttps://t.co/voRXKZIhSF pic.twitter.com/7VYHFhlUQV
— Lookonchain (@lookonchain) November 28, 2022
The price of the staked-ether (stETH) token of liquid staking protocol Lido has dropped to 0.97 ETH after the whale withdraws over 84,000 ETH from the Curve pool. At the time of writing, stETH was trading at 0.982 compared to ether, according to Dune Analytics.
According to Nansen’s data, the Jump Crypto fund has deposited more than 2,850 Ethereum on various centralized exchanges. It has liquidated almost all of it in the last 24 hours, causing a sharp drop in price.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.