Ethereum is currently experiencing a significant withdrawal queue, with approximately 143,000 ETH, valued at around $350 million, set to become available for withdrawal in the next 12 hours.
Additionally, a total of 212,000 ETH, including validator rewards, is slated for withdrawal soon. While these withdrawals represent a substantial volume of ETH leaving the network, it’s important to note that they do not necessarily indicate immediate selling pressure.
⚠️ Ethereum is facing a significant withdrawal queue ⚠️
Ethereum is experiencing a notable withdrawal from the network. In the next 12 hours, approximately 143k $ETH worth $350m in value will be available for users to withdraw.
There’s also a total of 212k $ETH set for… pic.twitter.com/kKhhmKjntx
— Token Unlocks (@Token_Unlocks) August 8, 2024
Looking at the impact of previous major ETH unlocks provides some context:
– On June 25th, 167,700 ETH worth $0.59 billion was unlocked when Ethereum was priced at $3,382.
– On July 4th, 152,200 ETH worth $0.51 billion was unlocked at a price of $3,171.
– On July 13th, 218,800 ETH worth $0.69 billion was unlocked at $3,147.
Despite these large unlocks, the price of ETH has exhibited varied responses. In recent news, a prominent whale deposited 5,000 ETH, valued at $11.6 million, to OKX just five hours ago.
This whale had previously deposited 38,501 ETH worth $129 million to OKX at around $3,354 in the past month.
Most of this ETH came from the wallet “0x60e,” which had previously withdrawn ETH from Poloniex between 2016 and 2018 at lower prices, and the ETH ICO participant wallet “0x193.” The whale still holds 308,470 ETH, valued at $759 million, across two wallets.
A giant whale deposited 5,000 $ETH ($11.6M) to #OKX again 5 hours ago!
This whale had already deposited 38,501 $ETH ($129M) to OKX at ~$3,354 in the past month before the recent dump.
Note that most of this giant’s $ETH came from the wallet “0x60e” which withdrew $ETH from… pic.twitter.com/rKRAbFBjaf
— Spot On Chain (@spotonchain) August 8, 2024
Ethereum Poised To Hit $2,930 Mark, Analyst Predicts
Analyst Ali Martinez suggests that despite prevailing pessimism around Ethereum, a surge to $2,930 may be on the horizon.
I’m seeing a lot of pessimism around #Ethereum, so I went long! $2,930 next for $ETH. pic.twitter.com/3hbwGDZXOg
— Ali (@ali_charts) August 8, 2024
On August 7th, the Ethereum spot ETF market saw a net outflow of $23.6766 million, with Grayscale’s ETHE experiencing an outflow of $31.8571 million, while Fidelity’s FETH saw an inflow of $4.7046 million. The total net asset value of Ethereum spot ETFs currently stands at $6.626 billion.
On August 7, the total net outflow of Ethereum spot ETF was $23.6766 million. Grayscale ETF ETHE had an outflow of $31.8571 million, and Fidelity ETF FETH had an inflow of $4.7046 million. The total net asset value of Ethereum spot ETF is $6.626 billion. https://t.co/Tvs2oCSxTg
— Wu Blockchain (@WuBlockchain) August 8, 2024
As Ethereum navigates these withdrawals and market fluctuations, the outlook remains mixed, with potential for significant price movement in the near future.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Image Source: Bastian Riccardi on Unsplash // Image Effects by Colorcinch
