Bitcoin
$61,924.27+0.50%
Ethereum
$2,990.65-0.72%
Binance Coin
$541.07-1.50%
Solana
$137.47+1.67%
XRP
$0.48623574-2.22%
Toncoin
$6.67+8.97%
Dogecoin
$0.14653403-1.86%
Cardano
$0.44157761-2.17%
Shiba Inu
$0.00002186-1.75%
Avalanche
$33.66-3.17%
Wrapped Bitcoin
$61,011.13+0.99%
Tron
$0.10704812-2.91%
PlayIconNav
Crypto Prices CoinDesk 20 Index CoinDesk 20 Index
Consensus 2024Price Increase Extension Ends In
01
DAY
14
HR
13
MIN
53
SEC
Markets

Ether Drops as Large Investor Moves 73K ETH to Binance

On-chain researcher Lookonchain warned of selling pressure in ether the transfer.

By Omkar Godbole
AccessTimeIconNov 28, 2022 at 8:31 a.m. UTC
Updated Nov 30, 2022 at 6:42 p.m. UTC
VolumeMuteUnmute
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Ether (ETH) traded weak early Monday amid reports of large cryptocurrency transfers to Binance, the world's largest cryptocurrency exchange.

  • The native token of Ethereum's blockchain fell nearly 4% to $1,170, CoinDesk data shows.
  • A "whale" address moved 73,224 ETH, worth $85.7 million, to Binance during the Asian trading hours, according to an analysis by on-chain researcher Lookonchain.
  • Investors typically transfer coins to centralized exchanges when they intend to sell or use the coins as a margin in derivatives trading. Therefore, an uptick in exchange inflows often paves the way for heightened price volatility.
  • "Watch out for the selling pressure of ETH," Lookonchain tweeted, after noting the large inflow into Binance.
  • According to Lookonchain, the address that moved more than 73,000 ETH to Binance was the same one that pulled out 84,131 ETH from decentralized exchange Curve's staked ether (stETH)-ether liquidity pool last week.
  • The price of liquid-staking protocol Lido's staked-ether (stETH) token fell to 0.97 ETH after the large investor withdrew more than 84,000 ETH from the Curve pool. At press time, stETH traded at 0.982 relative to ether, according to Dune Analytics.





Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Omkar Godbole
Omkar Godbole

Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.

Follow @godbole17 on Twitter

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.