ETH Selloff Alert Confuses Crypto Traders After Initial Buy Signals Emerged
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- Ethereum whales make massive CEX deposits, suggesting a potential selloff.
- Whales typically send digital assets to CEXs when they want to sell.
- ETH’s price remained stable despite whales’ selloff signals.
On-chain analysis firm Lookonchain has spotted a potential selloff signal for Ethereum, flagging two massive ETH deposits made by whales to the Binance and OKX crypto exchanges for a combined total of over $71 million.
Why Do Whale Deposits to Exchanges Matter?
Typically, crypto whales and investors holding large amounts of cryptocurrencies prefer to keep them away from centralized exchanges, as they consider the potential risks associated with custodial storage. Hence, moving significant volumes of such assets to such platforms suggests they may be about to exchange them for other digital assets or sell them for fiat.
Related: If Ethereum Can’t Break the $4,100 Resistance, How Deep Will This Correction Go?
In many cases, whales sell their crypto holdings to take profit after significant rallies or when they think the price of a particular crypto asset will soon drop. Analysts als…
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