Facebook iconLinkedin iconTwitter iconFacebook iconLinkedin iconTwitter icon
Ether (ETH) traded weak early Monday amid reports of large cryptocurrency transfers to Binance, the world’s largest cryptocurrency exchange.
- The native token of Ethereum’s blockchain fell nearly 4% to $1,170, CoinDesk data shows.
- A “whale” address moved 73,224 ETH, worth $85.7 million, to Binance during the Asian trading hours, according to an analysis by on-chain researcher Lookonchain.
- Investors typically transfer coins to centralized exchanges when they intend to sell or use the coins as a margin in derivatives trading. Therefore, an uptick in exchange inflows often paves the way for heightened price volatility.
- “Watch out for the selling pressure of ETH,” Lookonchain tweeted, after noting the large inflow into Binance.
- According to Lookonchain, the address that moved more than 73,000 ETH to Binance was the same one that pulled out 84,131 ETH from decentralized exchange Curve’s staked ether (stETH)-ether liquidity pool last week.
- The price of liquid-staking protocol Lido’s staked-ether (stETH) token fell to 0.97 ETH after the large investor withdrew more than 84,000 ETH from the Curve pool. At press time, stETH traded at 0.982 relative to ether, according to Dune Analytics.
Trending1StaticUpcoming Events Main NavNov 30, 20222CoinDesk Podcast NetworkCrypto Exchange Kraken Cuts 30% of Workforce; ECB Staffers Say Bitcoin Is on 'Road to Irrelevance'Nov 30, 20223TechThe Ethereum Foundation Commences Shutdown of Ropsten TestnetNov 30, 20224Layer 2FTX’s Collapse Was a Crime, Not an AccidentNov 30, 2022