In the last few hours, Ethereum’s (ETH) price has dropped, exacerbating the losses it has suffered over the previous 24 hours on the market. Multiple batches of Ethereum were transferred in and out of popular trading platforms at this time, indicating the possibility of a significant sell-off.
Ethereum whales acting ahead of ETF decision
Approximately 142,177 ETH have entered and exited trading platforms, wallets, and custody service engines in the last 24 hours, according to data from cryptocurrency analytics vendor Whale Alert. A transaction involving 6,455 ETH worth $24,109,913 that was paid from an unidentified wallet to Wintermute and 30,440 ETH worth $115,709,365 that was delivered to Coinbase Institutional is one of the lowest values ever recorded on the blockchain.
Whenever whales or other entities transfer a certain digital currency to a decentralised or centralised trading platform, it usually means that a sell-off is about to occur. Although it is untrue that tokens supplied to exchanges would be auctioned off, one should exercise cautious given the prevailing attitudes around Ethereum whale activity.
https://x.com/whale_alert/status/1793062508950909315
Tension on the market is higher since the spot Ethereum ETF application decision is only a day away, and many traders are unsure about their chances of being approved. According to the most recent market statistics, Ethereum has dropped to $3,708.13 during the last day, a loss of 2.68%. The decline in price further demonstrates the shifting market attitude as investors choose for safety until they make an ETF selection.
Market enthusiasm unpredictable
It’s still not easy to accurately assess the general mood of traders. Ethereum’s Open Interest (OI), as determined by Coinalyze, has now dropped 4.85% in a single day to $11.6 billion, indicating a clear direction in the futures market.
In the end, once the U.S. SEC releases the final ruling on VanEck and Ark 21Shares spot Ethereum applications, further significant price activity is expected in the coming days.
