Investors Worried: These 2 Altcoins Are Dumping To Coinbase!

Serious concerns began to emerge for the two altcoins. The main reason is that these cryptos are moving towards Coinbase. So what’s going on at this stage? Let’s look at our article.

Altcoin Ethereum goes to Coinbase

Altcoin Ethereum (ETH) settled below the critical $1,850 support level in the price. Accordingly, August had a bad start. The mysterious whale made the interesting move Wednesday after depositing $37 million two weeks ago. Moved $36.4 million worth of ETH to Coinbase. As we move into August 2023, Ethereum has left much to be desired for bullish-seeking ETH holders. In just three days of the month, ETH price has already dropped 2%, losing the critical $1,850 support.

On-chain analysis reveals critical bearish indicators that altcoin ETH could face turbulent headwinds in August. According to Whale-Alert.io, an on-chain tracking tool that reports notable large transactions, a mysterious ETH whale is making some potential bearish moves. On August 2, an unknown whale took off. Accordingly, there is a determination that he moved 19,789 ETH worth $36.4 million to the Coinbase exchange wallet.

Unknown who the whale is

There is more in-depth investigation into the unknown whale’s last operations through Arkham Intelligence. Accordingly, it reveals a more worrying trend. Two weeks ago, whales moved $37 million worth of altcoin ETH to Coinbase in 10 separate transactions. Notably, Coinbase currently offers an estimated 4.95% APY rate on Ethereum staking. Optimistic Ethereum investors suggested that the whale may be looking to capitalize on the premium passive income opportunity.

However, the initial market reaction did not reflect this bullish sentiment. Instead, altcoin ETH price plummeted only 24 hours after the transaction was confirmed. Accordingly, it decreased from $ 1,870 to $ 1,830. If optimistic investors start to panic, ETH will face more turbulent headwinds in August.

Whale Alert reveals key UNI transactions

Cryptocurrency whale watching platform Whale Alert highlighted three key Uniswap (UNI) transactions that took place in the last 24 hours. These transactions include major altcoin UNI deposits from unknown wallets to leading exchanges Binance and Coinbase. In the first transaction to feature, Whale Alert reported that 849,998 altcoins UNI with an estimated value of $5,617,639 were transferred to Binance.

Following this large deposit, two more multi-million Dollar UNI transactions took place. On the other hand, in the second transfer, 801,957 UNIs of altcoins worth about $5,297,737 were sent to Binance from an unknown wallet.

Simultaneously, the third significant UNI transaction witnessed the same amount of UNI tokens being transferred to Coinbase from the same unknown wallet.

cryptocoin.com When we look at it as a whole, we see that both transactions cause a concern for sector investors. The decline in prices also indicates this.