This Person Sells 33,000 Ethereum (ETH) Worth IDR 1.2 Trillion To Binance

ETH crypto assets. (Photo; Doc. Cryptoticias)

JAKARTA - The crypto market is shocked by the emergence of large sales of crypto assets worth IDR 1.2 trillion. An ETH owner who uses the name czsamsunsb.eth is reported to have sold 33,000 ETHs to the Binance crypto exchange.

This move, comes as the price of ETH is rising, making the crypto community excited, given the historical pattern of this crypto holder who frequently sends ETH to Binance before the market experiences a correction.

This, of course, raises questions among investors and analysts whether this massive sale is a bad sign for the Ethereum market or not.

According to data from Spot On Chain, an application that integrates on-chain data with multichain wallets, this crypto holder has attracted and deposited 32,930 ETH into Binance when the token price reaches 2,300 US dollars (Rp 36.1 million). This transaction is in accordance with the historical data of this crypto holder who often moves a large volume of ETH to Binance before a significant price decline occurs.

For example, on January 17, 2024, this crypto holder sent 32,000 ETH to Binance when the price of ETH reached 2,592 US dollars (Rp 40.7 million). In just two days, the price of ETH fell to 2,242 US dollars (Rp 35.2 million), indicating that this crypto holder managed to sell at the top of the market.

Meanwhile, the time at the same time as signs of market recovery has raised concerns among traders and investors. The crypto community is now speculating about potential motivation behind this massive transfer and whether this is a signal of a lack of confidence in the current ETH market direction.

While these crypto holders still have 12,186 ETH at stake or stake, worth around IDR 441.5 billion, in Lido protocol, the question that arises is whether more ETH will be sold, perhaps showing a lack of confidence in the ongoing recovery.

What's The Impact On Ethereum Market?

ETH's massive sales by one of the largest crypto holders have certainly had an impact on the Ethereum market. According to an analysis from Kraken, the price of ETH has risen 44% since early 2024, from USD 2,352 (IDR 36.9 million) on January 1 to USD 3,387 (IDR 53.2 million) on January 31. However, the price of ETH is still far from an all-time high of 4,400 US dollars (IDR 69.1 million) which was achieved on May 12, 2021.

Thus, the massive sale of ETH by one of the largest crypto holders could pose selling pressure in the market, which could slow down the momentum of rising ETH prices. In addition, this sale can also lower investor confidence in Ethereum's long-term prospects, especially given the positive developments in the network.

Oleh karena itu, penjualan besar-besaran ETH oleh seorang pemegang kripto terbesar ini dapat dianggap sebagai kesempatan bagi investor yang ingin membeli ETH dengan harga lebih murah, sebelum harga ETH kembali naik seiring dengan perkembangan dan pen adoption Ethereum itu sendiri.