An anonymous whale transferred a large amount of altcoins to Binance in a single transaction. The value of laden transfers started earlier in the day by the whale herd exceeds million dollars.
Anonymous altcoin whales also populate FTX wallets
Over 270,000 ETH has flowed to exchanges as Ethereum is facing increasing selling pressure. Whale Alert says transactions are completed in about 2 hours. The first few transactions made more than 4 hours ago totaled 20,000 ETH. These ETHs were all sent to FTX. First, 12,497 ETH transfers worth $17 million were made. Then, just 9 minutes later, 8,426 ETH was transferred over $11.5 million.
https://twitter.com/whale_alert/status/1572020511747743744
Below is the record of the second transaction worth 11.5 million. Both transactions flowed from anonymous wallets to FTX.
https://twitter.com/whale_alert/status/1572022883815235586
Mysterious whale transfers 250,000 Ethereum to Binance
Less than two hours later, the whale watching platform revealed that a whale has transferred 250,000 Ethereum, this time over $338 million, to the world’s largest crypto exchange Binance. This transaction raises the total value of Ethereum transferred to exchanges in a short time to over $ 366 million.
https://twitter.com/whale_alert/status/1572045637906202626
It is worth noting that crypto investors often send their coins/tokens to exchanges for sale. As a result, the rapid movement of such a large amount of Ethereum worries about further declines. It should also suggest a growing bearish sentiment among whales and the possibility of an ongoing sell-off.
Merge is far from affecting Ethereum price for now
In particular, a massive price increase was expected after the success of the Ethereum merge last Thursday. However, that was not the case. Instead, the Whales seize the opportunity to profit, confirming Glassnode’s August analysis that investors are planning to “sell the news.”
It is worth noting that the market is in a state of increasing uncertainty as inflation remains high and the Fed is expected to raise interest rates by 100 basis points tomorrow. However, as cryptocurrency expert Lark Davis highlighted in a tweet today, the decision to raise rates below 100 basis points will likely lead to a relief rally in the markets.
Sooo…. if the FED calls in just a 75 bps rate hike it would set markets up for a nice little rally before next month's inevitable inflation data release drama!#bitcoin #ethereum #stocks
— Lark Davis (@TheCryptoLark) September 20, 2022
Leading altcoin struggles to hold short-term supports
As you follow on Kriptokoin.com, Ethereum has completed its most important week this year. Not surprisingly, ETH has shown a bearish performance after easing the hype around the merge. On September 18, ETH dropped roughly 20% after briefly holding above $1,700. However, it is important to note that it changed hands at $1,293 on September 19, down 11.07% compared to the last day. While the leading altcoin is currently recovering slightly, it should not be overlooked that it has lost more than 20% since last week.
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