Ethereum price drops as 400,000 ETH leaves exchanges


The price of Ethereum has decreased during the previous 24 hours. As a result of fresh selling pressure, the second-largest crypto asset in the world has dropped more than 8%. Despite recent pushback, the whales on ETH have become more intense.

The crypto market remains in the red, with the majority of assets dropping. The adverse trend resulting from the collapse of the FTX cryptocurrency exchange is intensifying. The majority of notable crypto coins have seen a performance decline.

Notably, the crypto market as a whole is experiencing some corrections. The total market capitalization has decreased by over 5% in the last day.

According to data from Whale Alert, the current price decrease for Ethereum is attracting crypto whales. Consequently, they are actively amassing Ether. The study revealed that the whales had transferred almost 400,000 ETH from several cryptocurrency platforms. Despite the price decline, this number indicates that over $445 million has been moved to unidentified wallets.

The whales transferred over 300k ETH worth almost $333 million from Upbit to many wallets. The whale tracker identified the most notable transaction as Upbit’s addition of Ether at a price of $129.1 million.

In addition, the tracker identified a whale buildup of 99,999,999 ETH on the Bitfinex cryptocurrency market. The documented transaction is valued at around $12,400,000.

The latest whale interest and stockpiling coincide with Ethereum’s huge price decline. ETH is trading at $1,132 at the time of writing, representing a 1% decrease over the last 24 hours. In addition, the token’s value has fallen by more than 12 percent during the previous week. Its current market worth is $137.57 billion.

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