In about an hour’s timeframe, 3 Arrow Capital (3ac) companies transferred 32,000 Ethereum to the FTX exchange, bringing the total altcoin transfer to 320,000 ETH.
Giant altcoin transfer from the famous company to the FTX exchange
According to OKLink data, 3 Arrow Capital (3ac) transferred 32,000 ETH to the FTX exchange in about 1 hour today. In May, approximately 56,000 ETH was transferred from the company address to the exchange’s address. Of this, about 4.27 million ETH went to FTX, and about 1.34 million ETH was transferred to BitMEX. About $100 million worth of altcoins were transferred at current prices.
3 Zhu Su, the founder of Arrow Capital, had bought ETH for $400 million weeks, despite saying that he had quit Ethereum before. He also recently admitted that the Bitcoin Supercycle thesis, which points to 6-digit prices in Bitcoin, which he also defends, is wrong. He also apologized for telling his followers to buy UST.
Could a possible sale bring down the Ethereum price?
The largest altcoin, Ethereum, continues to experience selling pressure in the crypto market. ETH slumped below $2,000 after aggressive selling from investors. According to Glassnode data, the number of addresses lost reached 34,966,535 ATH. The value of ETHs that 3 Arrow Capital moved to FTX within 1 month is approximately 106 million dollars. As the market continues to feel the repercussions of the Terra ecosystem collapse, it is generally considered a selling pressure for companies to carry large volumes of altcoins to exchanges.
Meanwhile, “Merge” that will move the Ethereum network to the PoS mechanism will remove the concerns about the environmental impact of Ethereum and make the network’s transaction speed and fees more efficient. To achieve ‘deflationary’ status and in accordance with the merger, Ethereum continued to destroy some of its own supply. The amount of active supply reached 18,579,468.002 ETH, the lowest level of the last year.
The factors mentioned above can be seen as bullish catalysts for Ethereum. However, ETH is up nearly 5% in the last 24 hours to reach $1,888.30. We, as Kriptokoin.com, have discussed a detailed technical analysis about Ethereum in this article.
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