Ethereum Whales Transfers 47k Tokens to Coinbase Amid ETH Price Slump

Significant transactions by Ethereum whales carrying massive numbers of ETH tokens have been recorded within the last 24 hours. This comes amidst the global crypto market crash, particularly the notable dip in the price of ETH. Market participants have raised speculations about the reasons behind these huge transfers and the potential effect on the value of the token moving forward.

The general crypto market capitalization has plummeted over the last day, dropping by 8% to rest at $2.11 trillion. The month of April ended in a bloodbath with the majority of the tokens trading in red according to the crypto heat map by CoinMarketCap. As a result, Ethereum, the second-largest cryptocurrency by market cap has lost 8% in value to trade below the $3,000 mark.

Amid the price slump, large investors are carrying out transactions, further casting doubts about an imminent price recovery. Let us take a closer look at these transactions.

47,000 ETH Tokens Transfers in Detail

WhaleAlert, a cryptocurrency large transaction tracker, has spotted three separate transactions carrying at least 10,000 Ethereum tokens from wallets to the popular centralized exchange. Approximately 10 hours ago from the time of writing, the first transaction moved a hefty 25,060 ETH (valued at $75,685,145) from a wallet labeled ‘unknown’ to Coinbase Institutional.

25,060 #ETH (75,685,145 USD) transferred from unknown wallet to Coinbase Institutionalhttps://t.co/O6zmVLVXJm

— Whale Alert (@whale_alert) April 30, 2024

Shortly after, another transaction was initiated, this time, transferring exactly 10,924 ETH tokens (worth $32,892,642) from another unidentified wallet to the Coinbase exchange. It did not end there. After about 8 hours, the last transaction was made carrying 10,902 ETH coins. The last transaction was valued at $31.6 million.

These substantial amounts of ETH moving into the Coinbase exchange draw attention to the crypto space as members are watching to see how these movements indicate market activities. The behavior of whales profiting from the possibility of profit in the absence of a post-halving rally has added to the general sense of apprehension among Ethereum users.

It is important to note that these transfers and price dip coincide with the sentencing of Binance founder and former CEO, Changpeng ‘CZ’ Zhao who was handed a 4-month prison sentence on April 30. In addition, the uncertainties surrounding the classification of Ethereum as security have added to the selloff and heightened market volatility.

Ethereum (ETH) Price Movements

Meanwhile, Ethereum joins the broader crypto market in the downtrend. According to fresh data from CoinMarketCap, the price of Ethereum is currently $2,867. This represents a 5.80% decline at the time of writing. However, the trading volume of Ethereum has surged within the recorded time. Per the data, the 24-hour trading volume of ETH has grown by 39.5% to $20.07 billion, maintaining a live market cap of $350.3 million.

Upon closer inspection of derivatives data, ETH’s open interest has dropped by 8.30%, and its current valuation is $7.6 billion. The rate at which the Ethereum market dynamics are changing and how they can affect trade activity and investor confidence are both highlighted by this drop in open interest.

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