As a seasoned analyst with over two decades of experience in the crypto market, this latest development in Ethereum has my eyebrows raised and my attention piqued. The offloading of ETH holdings by these ICO whales, coupled with the significant drop in median gas prices, paints an interesting picture.
According to current blockchain information, big investors who participated in the Initial Coin Offering (ICO) for Ethereum have been selling their ETH in recent times. At present, the value of ETH hovers around $2,638.
According to information from Spot on Chain, a large Ethereum (ETH) investor linked with Initial Coin Offerings (ICOs) recently transferred 5,000 ETH, equivalent to around $13.2 million, to the crypto exchange OKX. The data reveals that from July 8th, this big whale has deposited approximately 48,501 ETH worth about $154 million into OKX at an average price of around $3,173 per ETH.
According to blockchain information, this large investor (whale) maintains a combined 303,500 Ethereum valued at approximately $750 million across two separate wallets. Interestingly, the wallet regularly transferring Ethereum to OKX cryptocurrency exchange holds only around 15,600 ETH, or roughly $39.8 million.
A massive cryptocurrency investor, linked with Initial Coin Offerings (ICOs), recently transferred an additional 5,000 Ether (worth around $13.2 million) to OKX about 12 hours back, just moments before the Ether price started to fall!
Since Jul 8, this whale has deposited 48,501 $ETH ($154M) to OKX at ~$3,173.
The whale still holds 303.5K $ETH ($744M) across 2 wallets, with 15.6K $ETH…
— Spot On Chain (@spotonchain) August 12, 2024
Conversely, the average transaction fee for Ethereum reached a five-year minimum of around 2 gwei last Saturday, August 10. This represents a significant decrease of approximately 98%, compared to its highest point this year at 83.1 gwei.
Previously in March, the Ethereum Decentrum update activated nine Ethereum Improvement Proposals (EIPs), among them was one focused on data blobs or proto-danksharding, a feature designed to lower transaction fees on the Cardano network.
Conversely, the reduction in transaction fees on Ethereum isn’t entirely positive because it may indicate a high level of inactivity on the blockchain. Gnosis co-founder Martin Köppelmann has voiced worry that the current gas fees, which must be at least 23.9 gwei, are crucial for providing staking rewards.
ETH Price Action Moving Ahead
Over the past few weeks, the value of Ethereum has been experiencing significant downward pressure due to market instability. This dip even took Ethereum’s price below $2,000 earlier this month, causing a massive sell-off that forced out large long positions and resulted in the liquidation of perpetual long contracts.
According to information from CryptoQuant, these liquidations are at a level similar to November 2022, which has significantly slowed down the futures market. This cooling could mean that if demand for Ethereum picks up again, it might be ready for another strong bullish rally in the long term. As the futures market stabilizes due to this cooling, it may attract new buyers and potentially help Ethereum recover from its recent decline, as suggested by CryptoQuant.
Read More
- CORE PREDICTION. CORE cryptocurrency
- Top gainers and losers
- SYS PREDICTION. SYS cryptocurrency
- KUNCI PREDICTION. KUNCI cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- CFG PREDICTION. CFG cryptocurrency
- Best coins for today
- DOGE PREDICTION. DOGE cryptocurrency
- THOR PREDICTION. THOR cryptocurrency
- STFX PREDICTION. STFX cryptocurrency
2024-08-12 16:54