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- Over the past 24 hours, 14,000 ETH have been sent by whales to various exchanges.
- The price of ETH remained in an upward trend despite the whale movements.
Over the past 24 hours, Ethereum [ETH] whales have made significant moves that affected the flow of assets into the exchanges. Which direction are these whales going?
How much is 1,10,100 ETHs worth today?
Ethereum whales activate wallets
A recent report from Lookonchain highlighted a notable Ethereum whale transaction. This particular whale, who initially participated in the Initial Coin Offering (ICO), deposited 6,000 ETH, worth almost $10 million, on the Kraken exchange.
Notably, this whale had acquired 254,908 ETH during the ICO phase at a price of approximately $0.31 per ETH. These assets have now increased significantly in value, reaching a value of more than $422 million at market price at the time of writing.
A whale deposited 6,000 of them $ETH ($9.96 million). #Kraken 50 minutes ago.
This whale is an Ethereum ICO participant and receives 254,908 $ETH($422.6 million currently), the ETH ICO price is ~$0.31.https://t.co/f0Ob9tqPqc pic.twitter.com/n3aj96tA31
— Lookonchain (@lookonchain) September 18, 2023
In addition, another important transaction took place on the same day, as reported by Etherscan. Another Whale Transferred 8,000 ETH, Worth Over $13.2 Million, to Binance [BNB] stock exchange.
It is worth noting that this particular whale had also transferred 12,000 ETH, equivalent to approximately $20 million, to Binance 20 days ago. Combined with this recent transaction, the total amount of ETH moved by whales in the last 24 hours amounts to 14,000 ETH.
Whale movements affect Ethereum’s exchange flow
As of the close of trading on September 18, CryptoQuant’s Netflow metric showed a greater amount of ETH leaving exchanges than entering. The net flow recorded at the time was approximately -25,873.
However, at the time of writing, the net flow has become positive: more than 29,000 have been registered.
Source: CryptoQuant
This change in net flow suggested that more Ethereum was flowing into the exchanges at the time of writing, indicating increased selling pressure in the market.
Furthermore, examining the volume chart on Santiment revealed that there had been a recent increase in trading volume after a period of decline. Trading volume at press time was more than $5 billion, after a peak of more than $6 billion during the previous trading session.
Source: Santiment
ETH maintains trends despite whale movements
Ethereum’s daily timeframe chart shows that Ethereum’s recent inflows on the exchanges have not had a negative impact on the price trend, at least not at the moment.
The chart indicated that ETH closed the previous trading session at around $1,637, marking a price increase of almost 1%.
Source: TradingView
Read Ethereum’s [ETH] Price forecast 2023-24
Moreover, at the time of writing, ETH had continued its upward trajectory and was trading at around $1,643, with a price increase of less than 1%. However, the trend was still below the neutral line of the Relative Strength Index (RSI).
This also suggested potential room for further price movements.