In a significant development within the cryptocurrency market, Spot On Chain has reported that two prominent entities have recently deposited a total of 8,510 Ethereum ($ETH) to centralized exchanges (CEXs). The value of this deposit amounts to approximately $21.9 million.
One of the major contributors to this deposit is an Ethereum ICO participant known as “0xb8c.” This individual has transferred 3,510 ETH, equivalent to roughly $9,040,830, to Kraken. This move indicates the return of the whale to the exchange after a three-month hiatus. It is worth noting that this address still holds a substantial amount of Ethereum. With holdings of approximately 136,000 ETH, valued at around $358 million, spread across eight different wallets, this individual continues to have a significant presence in the market.
Another wallet of interest is “0x999,” which is associated with the bankruptcy of Genesis Trading. This wallet has transferred 5,000 ETH, valued at approximately $12.9 million, to FalconX. It is noteworthy that this wallet still controls a considerable amount of Ethereum, with holdings of approximately 162,000 ETH, valued at about $423 million. This indicates that the company still retains a substantial amount of funds despite its bankruptcy.
These recent transactions have occurred at a time when the price of ETH closely mirrors that of Bitcoin ($BTC). Both assets have been experiencing fluctuations in value over the past few hours. The coordination of these major cryptocurrencies raises questions about the underlying sentiment and potential future trajectory of the market.
Market experts are closely monitoring the impact of these transactions on the price of ETH. The influx of a large amount of ETH into exchanges may prompt further trading or forced selling of positions, affecting the supply and demand dynamics of Ethereum. As highlighted by Spot On Chain, the cryptocurrency market remains dynamic and unsettled, with both stock market investors and technical analysts eagerly awaiting the effects of these transactions on the price of Ethereum in the coming days. In an uncertain crypto market, the activities of major players serve as key indicators for future price movements in ETH and the overall market.