Ethereum price has been struggling intensely since the sudden crash last week. The first blow came with 600 ETH worth $1 million, which founder Vitalik Buterin sent to Coinbase. An early Ethereum whale that became active in the past hours is taking a similar step…
Ethereum whale, which has been sleeping for 8 years, is active again
An Ethereum whale woke up early today after 8 years, according to a new report from Whale Alert. The whale is currently holding 191 ETH worth $317,724. The giant investor obtained these ETHs by mining before the Ethereum ICO. Its re-activation today raises concerns due to a potential sale.
💤 A dormant pre-mine address containing 191 #ETH (317,724 USD) has just been activated after 8.1 years!https://t.co/VJ7RgTzxz3
— Whale Alert (@whale_alert) August 19, 2023
Vitalik Buterin stacks ETH on Coinbase
Another interesting development about Ethereum was the million-dollar ETH that founder Vitalik Buterin transferred to the Coinbase wallet.
Ethereum co-founder Vitalik Buterin transferred 600 ETH worth $1 million to Coinbase on August 21. On August 20, Buterin repaid 251,000 RAI and withdrew 1.6 million ETH.
vitalik.eth repaid 251K $RAI on #Maker and withdrew 1,000 $ETH($1.67M) yesterday.
Then deposited 600 $ETH($1M) to #Coinbase 5 hrs ago.https://t.co/pw8ekIYSs1 pic.twitter.com/rkJo42OSlq
— Lookonchain (@lookonchain) August 21, 2023
Vitalik’s transfers were worrisome as the crypto market is witnessing a massive slowdown again. Bitcoin and ETH prices have dropped more than 10% over the past week.
What do Ethereum transfers in a bearish environment mean?
Its transfer by Vitalik Buterin or the Ethereum Foundation is usually followed by a drop in the price of ETH. While we don’t yet know the reason behind the recent transfer, Buterin is likely to commit to another big sale. However, there is also the possibility of transferring for a one-time sale. Social media is full of speculation.
Analysts and market experts now predict that Ethereum will drop dramatically if its value drops below the key support level of $1,550-1,600. The total market cap of the crypto industry has dropped more than 10% over the past seven days. At the time of writing, the total crypto market cap was $1.05 trillion.
In the case of Coinbase, it was facing regulatory scrutiny at the hands of the SEC in the US. Earlier in June, the regulator sued the exchange for allegedly violating securities law by acting as an unregistered broker-dealer. Meanwhile, the value of COIN on the Nasdaq has dropped nearly 9% over the past week. It is currently trading at $73.9.
ETH price continues to struggle
Buterin’s transaction comes just after last Thursday’s crypto market crash. Last week, the Ethereum price dropped below $1700 for the first time since June. However, data from Glassnode shows that Ethereum investors are protecting their reserves as they quickly send them through centralized exchanges. According to the data aggregator, the amount of ETH held on exchanges is 14.88 million, a level that has not been recorded since 2018.
Currency outflows often suggest a bullish sign that the coin is holding for its long-term benefit. From this, it means that ETH holders are less worried about the recent poor price performance. Meanwhile, the Ethereum team shared details about the next ups in a new announcement. to details cryptocoin.comWe have included it in this article.
