Millions in Ethereum (ETH) Floods OKX and Coinbase, Yet Analysts Anticipate Price Rebound
U.Today
Published Sep 12, 2023 06:55AM ET
Millions in Ethereum (ETH) Floods OKX and Coinbase, Yet Analysts Anticipate Price Rebound
U.Today - Today, the cryptocurrency market witnessed noteworthy activity as significant amounts of Ethereum's native token, ETH, flowed into major exchanges. According to reports, a total of 21,938 ETH, valued at approximately $34.78 million, landed in Coinbase (NASDAQ:COIN)'s wallets. Shortly thereafter, another 32,500 ETH, equivalent to around $51.3 million, was deposited into OKX, another prominent crypto exchange.
Such substantial transfers have historically been interpreted as bearish signals in the crypto space. This common perspective suggests that large holders send their assets to exchanges with the intent to sell, which can exert downward pressure on prices.
It is crucial to recognize that this interpretation is not absolute and can be subject to market complexities and nuances.
Cautious optimism/h2 Meanwhile, , a notable analytics firm, has provided valuable insights through on-chain analysis. According to Santiment analysis, has experienced a shift in the movement of older coins, coinciding with a dip in Ethereum's price to $1,540, its lowest point since March 12. During this period, substantial amounts of previously inactive ETH have begun moving from their long-held wallets.
Source: Santiment's analysis suggests that this shift could signify capitulation, potentially foreshadowing market reversals. This observation adds an interesting perspective to Ethereum's current situation, hinting at a possible price rebound in the future.
While the cryptocurrency market remains unpredictable, the influx of into OKX and Coinbase, combined with Santiment's analysis, leaves room for cautious optimism among investors and enthusiasts. In the days ahead, further developments will shed more light on trajectory and the motives driving these significant transfers.
This article was originally published on U.Today
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