Ethereum (ETH) Trading Within Narrow Range, Major Whale Activity

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Ethereum Market Continues Stability

Amidst a calm market on Monday, Ethereum (ETH) maintained a steady trading range. However, institutional investors, often referred to as “whales,” were actively involved in significant volume transactions involving Ethereum on Coinbase. This activity included large purchases of Ethereum products, demonstrating a continued interest in the cryptocurrency.

Noteworthy Transactions

One of the standout transactions of the day involved an eight-year-old Ethereum wallet that transferred 4,153 ETH, equivalent to approximately $12.17 million, to Coinbase. This wallet initially acquired 12,427 ETH at an average price of $11 each from Poloniex eight years ago. A remarkable growth of nearly 27,000% has been realized since then. The wallet still holds 2,566 ETH, resulting in an impressive profit of about $28.5 million.

In addition, a major institutional player sold 30,807 ETH, totaling $91.19 million, on Coinbase Institutional. Subsequent to this considerable sale, several other whales deposited over 11,000 ETH into Coinbase Institutional. While these deposits may suggest a potential sell-off, a significant number of whale withdrawals have also occurred, with each withdrawal amounting to more than 7,000 ETH.

Market Setback and Regulatory Challenges

Despite the active transactions involving Ethereum, investment products based on the cryptocurrency experienced a setback last week, with outflows amounting to $14.4 million, as reported by CoinShares. This negative trend coincides with the ongoing reluctance of the Securities and Exchange Commission (SEC) to engage with applicants for ETH ETFs.

Bloomberg analyst Eric Balchunas anticipates that the approval of a spot ETH ETF may be further delayed until late 2025, particularly in light of the uncertainty surrounding the regulatory stance of the SEC. A potentially more crypto-friendly SEC leadership post-US presidential elections in November could influence the timeline for approving an ETH ETF.

Hacker Resumes Laundering Stolen Ethereum

In a concerning development, the hacker responsible for the theft of 150,000 ETH in 2017, exploiting a vulnerability in Parity’s multi-sig wallet, has reportedly resumed laundering the stolen assets. Recent transaction data from Cyvers Alerts revealed that the hacker transferred 3,050 ETH, valued at approximately $9 million, to a cryptocurrency exchange using consolidated addresses. The hacker still holds 83,017 ETH, worth an estimated $246.6 million.

Price Analysis and Market Outlook

Technically, Ethereum has been trading sideways, particularly following a liquidity void last Friday. Despite the reopening of traditional markets on Monday, the price of Ethereum remained below the $3,000 mark, which aligns closely with the average purchase price of most short-term holders, serving as a strong support level.

An 11% movement in either direction could significantly impact market sentiment, potentially prompting short-term holders to sell in the event of a price decline. Conversely, a price increase could generate bullish momentum for Ethereum. Moreover, ETH liquidations have slowed, with Monday’s figures indicating $308 million in favor of long positions.

The crypto community is also keeping a close eye on external economic factors, including Jerome Powell’s speech and the US CPI inflation report, which are expected to introduce new market volatility that could influence Ethereum’s price dynamics.

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About Post Author

Chris Jones

Hey there! 👋 I'm Chris, 34 yo from Toronto (CA), I'm a journalist with a PhD in journalism and mass communication. For 5 years, I worked for some local publications as an envoy and reporter. Today, I work as 'content publisher' for InformOverload. 📰🌐 Passionate about global news, I cover a wide range of topics including technology, business, healthcare, sports, finance, and more. If you want to know more or interact with me, visit my social channels, or send me a message.
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