JAKARTA After Ethereum Merger was completed, marking the shift from ETH from Proof-of-Stake (PoS) to Proof-of-Work (PoW), now the number two cryptocurrency is facing increasing selling pressure. Crypto whale movement tracker Whale Alert reported high pressure from selling ETH.
In recent hours Whale Alert revealed that more than 270 thousand Ethereum have been sent to a number of centralized exchanges (CEX) in about 2 hours.
Some of the first transactions over 4 hours ago amounted to more than 20,000 ETH and were delivered to FTX. First 12.497 ETH worth 17 million dollars transferred, followed by 8.426 ETH worth more than 11.5 million dollars, just 9 minutes later.
Less than two hours later, whale tracking platform revealed that a whale has transferred 250.000 Ethereum worth more than $338 million this time to the world's largest crypto exchange, Binance. This puts the total value of Ethereum transferred to the exchange in a short time of more than USD 366 million.
250,000 ETH (338,031,647 USD) transferred from an unknown wallet to Binance, wrote a warning from Whale Alert, September 20, 2022.
It should be noted that crypto investors usually send their assets to exchanges with the aim of being sold. As a result, the fast movement of Ethereum in such large quantities could indicate increasingly bearish sentiment among whales and possible sustainable selling actions.
In particular, following Ethereum Merce's success last Thursday, "hodlers" expect a huge price increase for the asset, but that doesn't happen. Instead, whales have taken the opportunity to cash in on profits, confirming Glassnode's analysis in August, sell the news.
It should be noted that the market remains in a state of increasing uncertainty as inflation remains high, and the Fed is expected to raise interest rates by 100 basis points tomorrow. However, the decision to raise interest rates less than 100 basis points will likely lead to a recovery rally in the market, as crypto expert Lark Davis highlighted.
So... if the FED says it's just an increase in interest rates of 75 bps, it will set the market for a small, good rally before the drama releasing inflation data that's inevitable next month! Davis said, September 20, 2022, as reported by CryptoBasic.
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