- Ethereum’s price is rallying amid BlackRock’s ETF filing.
- Justin Sun and Buterin have moved ETH to exchanges amid this price rally.
- The exchange deposits have sparked speculation of a selloff.
Over the past 24 hours, Ethereum (ETH) has enjoyed a blistering run to peak above the $2k price point for the first time since July 2023 amid excitement over BlackRock’s Ethereum ETF filing. In the wake of the price rally, significant ETH transfers from notable figures like Tron founder Justin Sun and Ethereum co-founder Vitalik Buterin have left tongues wagging.
Sun and Buterin Move ETH to Exchanges
In a post on Friday, November 10, crypto smart money tracker Lookonchain revealed that Sun had sent 580 ETH (worth about $1.2 million at the time) to Binance. Buterin also sent 50 ETH (worth approximately $106k) to Coinbase Custody within the same hour.
Unsurprisingly, these transfers sparked a flurry of speculation within the crypto community. “Short signal?” one user questioned, worrying about whether these moves could negatively impact ETH’s price. Another asserted: “They won’t let ETH pump. Too many people wanna dump their supply.”
This speculation stems from the fact that the Tron founder and Ethereum co-founder are known to hold significant amounts of ETH. At the same time, transferring crypto assets to exchanges typically indicates an interest to sell. However, in the case of Buterin, the transfer to Coinbase Custody, a cold storage solution offered to Coinbase Prime customers, may indicate a move to secure assets.
Is This the top?
While large exchange deposits from influential crypto community members can influence market sentiment, market forces must be considered, like supply and demand and macroeconomic conditions.
Prominent technical analyst “Duo Nine” recently pointed out that ETH’s price had formed an ascending triangle pattern on its weekly candle chart. A price break to the upside could confirm a significant bullish continuation. However, a break below could confirm the beginning of a steep correction. The current resistance appears to be around the $2,145 price point.
Analysts have noted that Ethereum’s recent rally has been driven almost entirely by small holders. Crypto analyst Ali Martinez asserted that whales have not started buying, citing Glassnode data. Santiment Feed noted that micro-addresses holding less than 0.1 ETH are rising and have passed 100k for the first time. However, large wallets with holdings between 10 and 10k ETH continue to decline, while whale wallets with over 10k ETH remain relatively flat.
At the time of writing, ETH is trading at $2,097, representing a 3.81% gain in the past 24 hours, according to CoinMarketCap data.
On the Flipside
- Ethereum’s Buterin recently asserted that he has not sold ETH for personal gain since 2018.
- What Tron’s Justin Sun intends to do with his Binance ETH deposit remains unclear.
Why This Matters
Large ETH deposits to exchanges from influential crypto community members can dampen market sentiment and put selling pressure on the asset.
Read this to learn more about the recent BlackRock ETF application:
BlackRock Eyes Spot Ethereum ETF – ETH Price Soars Past $2K
Learn more about Polygon’s price rally:
Polygon (MATIC) Price Hits 4-Month High Amid Whale Frenzy