$396 mln ETH moves: Are Ethereum whales preparing for another sell-off?
While the broader market has experienced significant upside volatility, Ethereum has closed at lower lows for two consecutive days. After it was rejected at $2.4k, the altcoin dropped to a low of $2.3k and is now testing that level of support. With the market showing some signs of weakness, Ethereum whales and institutions have increased selling activity. Paradigm Capital deposits $27 million in $ETH After Ethereum [$ETH] failed to hold $2.4k towards the end of April, institutional investors stepped back from the market. The Coinbase Premium Index has remained negative for 10 consecutive days, suggesting U.S. institutional investors have turned bearish. Source: CryptoQuant Paradigm Capital is one such institution. According to Lookonchain, four wallets linked to Paradigm Capital deposited 11,615 $ETH, worth $27.29 million, into FalconX. Such a move to deposit to exchanges suggest preparations to sell. Although not sold yet, the firm is likely to sell. Coupled with that, individual whales have also turned to exchange deposits. According to Lookonchain, Garret Jin, also known as BitcoinOG1011 (short), just deposited 166,023 $ETH, worth $396 million, into Binance. Given the deposit, it seems Garret Jin is also most likely preparing to sell. If these assets are sold, it will put significant pressure on the market, leading to potential price drops. Ethereum