As a seasoned crypto investor who has weathered multiple market cycles, I can’t help but feel a pang of deja vu reading about these latest ETH transactions by Cumberland and ParaFiCapital. The similarity with Jump Trading’s moves last August is uncanny, and history tends to repeat itself in the crypto world.
According to information from Lookonchain, it’s been indicated that two significant financial entities have transferred large amounts of Ethereum to trading platforms. This move might be a sign of potential difficulties ahead for Ethereum, the second most prominent cryptocurrency in the market.
Currently, Ethereum trades close to $2,700 after gaining 5% within the past week.
2 institutions are selling $ETH!
7 hours back, a digital wallet connected to Cumberland put in 11,800 Ether (equivalent to approximately 31.88 million dollars) into Coinbase. Recently, ParaFi Capital moved out 5,134 Ether (around 13.83 million dollars) from Lido and transferred it into Coinbase Prime, about 6 hours ago.
Address:…
— Lookonchain (@lookonchain) September 28, 2024
According to a recent tweet, the institutions under discussion are Cumberland and ParaFiCapital. It’s stated that Cumberland transferred approximately 11,800 Ether, valued at around $32 million, into Coinbase, while ParaFiCapital withdrew roughly 5,134 Ether, equivalent to nearly $14 million, from Lido and moved the assets to Coinbase Prime.
The two significant transactions to the leading U.S. trading platform occurred within just a few hours this morning.
Keep in mind that, much like what happened in early August, ETH‘s value significantly dropped. During that time, a significant Ethereum investor, Jump Trading, is said to have sold around $500 million of the asset. This sale could have been one of the reasons for the rapid decline in ETH’s price, which dipped by double digits within just a few days.
About a week after, the firm offloaded a more humble quantity of 17,000 Ether (valued at approximately $46 million at that point in time). Consequently, the value of Ethereum dipped slightly, dropping roughly 3-4% this time.
Given this situation, it’s worth considering if the deposits made by Cumberland and ParaFiCapital could potentially cause comparable price adjustments in ETH, despite being significantly smaller compared to Jump Trading’s initial deposit.
In recent times, Ether (ETH) has experienced significant growth, in line with the wider market. Over the past week, it has soared by approximately 5%, reaching a price point near $2,700 – a level not seen since the mentioned correction.
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2024-09-28 10:50