Ethereum Price In Danger? Metalpha Withdraws 10,000 ETH From Lido To Binance
18 Agosto 2024 - 5:07AM
NEWSBTC
According to the latest on-chain data, a crypto company has
redeemed and transferred a significant amount of Ether tokens from
the staking platform Lido to the cryptocurrency exchange Binance.
Could this hold a bearish consequence for the Ethereum price? Is
ETH Price Preparing For Further Correction? According to data from
Arkham Intelligence, digital asset management firm Metalpha
redeemed 10,000 ETH (worth about $26 million) from the liquid
staking platform Lido on Saturday, August 17. Following the
withdrawal to the Metalpha-labeled Gnosis Safe Proxy wallet, the
Ether tokens were then sent to Binance, the world’s largest
cryptocurrency exchange. Related Reading: Bitcoin Market Facing A
Persistent Net Sell-Side Bias, Glassnode Reveals It is worth
keeping an eye on this type of asset movement, especially
considering the direction and magnitude of this transfer and the
potential impact on the Ethereum price. Moreover, these fund
movements could provide an insight into the sentiment amongst
institutional and large investors at the moment. As shown on
Arkham’s dashboard, the ETH tokens were transferred from a Gnosis
Safe Proxy wallet to a wallet on the Binance exchange. Gnosis Safe
Proxy wallets are known for their multi-signature feature, which
requires authorization from multiple parties to execute a
transaction. While the multi-sig nature of the sender wallet is
quite interesting, the move of assets to a custodial wallet on a
centralized exchange is an even bigger narrative. Typically, when
investors transfer their digital assets to an exchange, it implies
that they want to utilize one of these centralized platform’s
services, which includes selling. Consequently, the latest flow of
Ether tokens to the Binance platform could carry bearish
consequences for the Ethereum price, if Metalpha does intend to
sell with this move. With the rationale behind this move unknown,
it remains to be seen whether the altcoin will feel downward
pressure off the back of the transaction. Ethereum Price At A
Glance As of this writing, the ETH token has yet to witness any
significant price movement in the last few hours. Instead, the
Ethereum price has continued to consolidate around the $2,600
level, with a mere 0.5% increase in the past day. Nevertheless, the
second-largest cryptocurrency is in a much better position than it
was less than two weeks ago. The Ethereum price has shown good
signs of recovery after falling to a multi-month low of $2,200 in
early August. Related Reading: Cardano Sees Massive 150%
Volume Surge, Yet ADA Price Stalls With 4% Decline On the broader
timeframe, though, the price of ETH seems to have lost the momentum
it displayed earlier in 2024. According to data from CoinGecko, the
price of ETH is still down by nearly 25% in the past month.
Featured image from Shutterstock, chart from TradingView
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