Ethereum (ETH) has seen a major drop in price in the last few hours, adding to the losses seen across the market over the last 24 hours. Although Ethereum is moving a lot between wallets and trading sites, the price drop suggests that a possible big sell-off is coming soon.
Whale Alert, a company that studies cryptocurrencies, said that in the past 24 hours, around 142,177 ETH have been moved between trade platforms, wallets, and custody services. The lowest transaction is 6,455 ETH, worth $24,109,913, sent from an unknown address to Wintermute. The largest transaction is 30,440 ETH, worth $115,709,365, sent to Coinbase Institutional.
Ethereum Whales Influence Market Stability
Moving a lot of a digital currency to centralized or decentralized trading sites is usually a sign that the price might drop. Even though not all tokens sent to exchanges are sold right away, the way big holders, or “whales,” are moving Ethereum right now suggests that the market is feeling cautious.
To make things even more tense, a ruling on the spot Ethereum ETF applications is due within the next 24 hours. This excitement has made the market less stable, and many traders aren’t sure how likely it is that the approval will happen. The price of ETH has dropped by 2.68 percent in the last 24 hours, ending the day at $3,708.13.
This drop shows how cautious the market is feeling as traders look for safety until the ETF choice is made public.Also, Coinalyze shows that Ethereum’s Open Interest (OI) has dropped by 4.85% in 24 hours, to $11.6 billion. This drop in OI shows that the derivatives market has changed, and players are becoming more cautious.
The U.S. Securities and Exchange Commission (SEC) is about to make a final ruling on the VanEck and Ark 21Shares spot Ethereum ETF applications. This means that prices could change dramatically in the next few days. The results of these choices will probably have a major impact on the direction of the Ethereum market in the near future.
