Last night, the large money-tracking blockchain agencies notified their followers about a huge Ethereum (ETH) deposit to Coinbase Prime, signaling a sell-off. After digging into the blockchain records, it was found out that the sender’s crypto wallet belongs to the United States Federal Reserve.
According to the real-time data from Arkham Intelligence, the government’s current crypto stash includes $21.57 billion of Bitcoin (BTC) & $154.54 million on Ether (ETH), among wrapped versions of BTC & several stablecoins. So, the 86.56 ETH in question is a drop in the ocean compared to Uncle Sam’s remaining 59.951K Ethereum (ETH) holdings.
ETH Holders Got Their Eyes Peeled On This Level
The 5.5% rebound rally has restored some optimism, but the waning dominance against Bitcoin (BTC) has kept Ethereum (ETH) holders in a pickle throughout the year. Compared to last year, Ether’s price slumped by 15.4%, while the flagship crypto Bitcoin (BTC) inked 90% during the same time frame. Does this scream lost relevance or unrealized upside potential?
With the Chaikin Money Flow (CMF) showcasing positive momentum at 0.14, DailyCoin’s research team can conclude that crypto whales are very interested in buying Ether at this price. Moreover, the momentum switched on Monday afternoon, likely tied to some relief in geopolitical tensions, but the bulls are not there yet.
For this bullish stance to solidify for a longer rally, Ether’s (ETH) price must break above $2,592.25 and secure this area in a daily close. Notably, the July 4th rally produced a new bi-weekly high at $2,627.75, but got pushed below this sensitive resistance in the next days.
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People Also Ask:
The U.S. government moved $219,000 worth of Ethereum to Coinbase, sparking speculation about market impact.
Likely for asset management or liquidation, possibly seized funds, but no official statement confirms the intent.
Not necessarily. DailyCoin’s research team notes crypto whales are showing renewed interest in ETH, which could offset bearish pressure.
Mixed. The transfer raises concerns, but whale accumulation suggests optimism for ETH’s price potential.
Depends on your strategy. Monitor whale activity and market trends, as per DailyCoin’s findings, before deciding.
