The Ethereum market is buzzing after a long-dormant “whale” – a major investor holding a vast amount of cryptocurrency – resurfaced and transferred a significant amount of ETH to the Kraken exchange. This move has sparked speculation about a potential price drop, but wider market trends suggest a more complex picture.
On-chain analytics firm Spot On Chain has disclosed that the investor, who participated in Ethereum’s Initial Coin Offering (ICO) in 2014, recently deposited 1,069 ETH, valued at roughly $3.56 million, to Kraken.
Traditionally, deposits to exchanges are seen as a sign of intent to sell, potentially putting downward pressure on the price of ETH.
This whale’s activity is particularly noteworthy because of their participation in the Ethereum ICO. Back in 2014, they acquired 12,566 ETH at a meager $0.30 per token. The recent transfer represents just a fraction of their holdings, but the sale price – over $3,300 per ETH – signifies a massive profit for the early investor.
An #Ethereum #ICO participant returned after 1.12 years to deposit 1,069 $ETH ($3.56M) to #Kraken at $3,329 3 hours ago.
The whale received 12,566 $ETH at #Ethereum Genesis in Jul 2015, at an ICO price of ~$0.31,
And then distributed the $ETH across 12 wallets in 2017, of which… pic.twitter.com/Lid1hItGik
— Spot On Chain (@spotonchain) April 6, 2024
Ethereum Market Shows Signs Of Accumulation
While the whale’s move might suggest a potential sell-off, on-chain data reveals a broader trend that could offset its impact. According to IntoTheBlock, a blockchain analytics company, the past quarter witnessed a significant outflow of ETH from cryptocurrency exchanges, totaling a staggering $4 billion.
This movement suggests that many investors are accumulating ETH, potentially anticipating future price increases.
Ether market cap currently at $409 billion. Chart: TradingView.com
Dencun Upgrade Fuels Ethereum Network Activity
The news comes on the heels of Ethereum’s successful Dencun upgrade, implemented in March 2024. The upgrade aimed to address the network’s scalability issues, specifically targeting high transaction fees and slow processing times.
Early signs appear positive, with IntoTheBlock reporting a surge in activity on the main optimistic rollups (Layer 2 scaling solutions) following the upgrade.
Weekly transaction volume reached highs of 32 million, indicating increased network usage. While gas prices have risen recently, they were initially significantly lower on many Layer 2 solutions after the upgrade.
Market Uncertainty Remains
The combined effect of the whale’s sale, the wider accumulation trend, and the Dencun upgrade’s impact on network activity make it difficult to predict the short-term direction of the Ethereum market.
While the whale’s sale could trigger a price dip, the broader accumulation trend suggests underlying bullish sentiment. The Dencun upgrade’s success in reducing transaction fees and increasing network usage could further bolster investor confidence.
Featured image from Pexels, chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
#MACBUBBLESANDBOWS I typically wear dramatic, black-winged liner on my lids, and getting them to be smooth and — most importantly — razor sharp takes both skill and a particular type of pen. I’ve been using the ILIA Limitless Lash Lengthening Clean Mascara for more than a year and it hasn’t failed to impress me. Not only is it one of the quickest to help lengthen and define your lashes but it’s a clean makeup essential when paired with the brand’s Clean Line Liquid Eyeliner ($28). Chalk it up to my Lazy Girl approach to beauty or my almond-shaped Asian eyes, but I’ve always preferred a graphic swipe of liquid eyeliner to eyeshadow. And if the formula stays put and doesn’t smudge, even better! Which brings me to the newly launched Diorshow On Stage Liner ($35), a liquid eyeliner that sounds like the answer to my prayers on paper. It boasts a waterproof formula that supposedly stays put for up to 24 hours, comes in a slew of fun colours, and features a precise felt tip capable of thin and thick lines. So how does it measure up IRL? Well…not great, to be honest.
https://formulamasa.com/elearning/members/fenneumiscdant1983/?v=96b62e1dce57
Minimize the appearance of the lines around your eyes while you sleep. The primary purpose of eye cream is to provide under-eye hydration which can have far-reaching effects on the overall health and appearance of the skin. With the right ingredients, an eye cream can boost cell turnover, reduce the appearance of wrinkles, brighten the appearance of dark circles, strengthen the skin, and even protect against further skin damage. Applying retinol on the delicate eye area might sound scary AF but this eye cream from Kate Somerville can be trusted to rejuvenate puffy, tired looking eyes. It uses a combo of retinols and bioretinols (a natural ingredient that mimics the effects of retinol) to improve texture and the elasticity of the under-eye area. If you want something that creates a more illuminating base under makeup, I recommend Ilia’s eye cream. It contains sea fennel, a retinol alternative that brightens and firms, avocado extract for dark circles and puffiness, and caffeine and peptides to further depuff the under-eye. “The light reflection is the best I’ve ever tried,” says Davis, who likes to wear it during the day under makeup. “This is the only eye cream that really makes a difference hiding dark circles. Plus it absorbs fast and layers beautifully under concealer.”