- Transfer of $112 million worth of Ethereum to Coinbase (NASDAQ:COIN) and Kraken raises concerns about potential selling pressure.
- Anonymous wallet moved 22,157 ETH worth $34.5 million to Coinbase, followed by 50,000 ETH valued at $78.3 million deposited in Kraken.
- Massive ETH flows to liquid exchanges have alarmed analysts as they often precede major liquidations.
The transfer of over $112 million worth of Ethereum to major exchanges Coinbase and Kraken recently has raised concerns about potential selling pressure.
According to Whale Alert, one anonymous wallet moved 22,157 ETH worth $34.5 million to Coinbase. Soon after, 50,000 ETH valued at $78.3 million was deposited to Kraken from a separate wallet.
50,000 #ETH (78,307,428 USD) transferred from unknown wallet to #Krakenhttps://t.co/nsSDK9iTU2— Whale Alert (@whale_alert) October 11, 2023
The massive flows of ETH to liquid exchanges have sounded alarms among analysts. Such large cryptocurrency deposits often precede major liquidations.
Ethereum balances on exchanges have also declined to multi-year lows due to staking. With limited sell-side liquidity, the sudden influx of ETH raises the risk of slippage …
The post Whale Transfers $113M Worth of ETH to Exchanges, Sparking Sell-Off Concerns appeared first on Coin Edition.