Whales appear to be out of the market regardless of the wide range of cryptocurrency markets show signs of a short rebound.
On August 27, on-chain surveillance firm Whale Alert reported massive Ethereum deposits in a mystical move that appears to be an attempt at sales.
In the major ETH transfers that occurred in minutes, a total of 33,622 ETH flows flowed to US-based Crypto Exchange Coinbase. The transfer took place in two separate transactions, but the total ETH moved in both transactions was worth more than $223 million for each data provided by the source.
According to the nature of both transfers, they are perceived as attempts to sell on a large scale from the Ethereum whales. Because large crypto deposits to crypto trading platforms are pointers to large sales hopes from well-known investors and institutions.
A giant ETH dump from a whale
It is not uncommon for such transfers to be carried out at the moment when investors try to secure capital and avoid major losses. However, these massive Ethereum transfers were discovered while experiencing a rapid rebound in the prices of cryptocurrencies, including major altcoins such as Ethereum, XRP, and Solana.
Thus, long market corrections have weakened investors' trust, and the whales seem to be making a critical effort to abandon their holdings. Therefore, it is increasingly discovered that large investors will sell out their stashes in preparation for the expected bear stage.
After a few days of trading sideways, the market saw a short revival at Ethereum prices, turning it over to a high of $4,501, from a minimum of $4,501, within the same day.
While the massive ETH deposits to Coinbase in the final hour may not have affected the price performance of the asset over the period, commentators suggest that the move could be merely a redistribution of the strategic portfolio from the institution.
In the past few days, investors who have been lingering more and more within the crypto ecosystem are worried that the bears will take over the market, with prices for cryptocurrencies, particularly Bitcoin and Ethereum, are surged even deeper.
Nevertheless, according to data introduced by CoinMarketCap, Ethereum remained upside down and stable from the time of transfer. Ethereum has steadily traded at $4,642.01, which has skyrocketed nearly 3% over the past 24 hours.
