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.

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Most of this ETH came from the wallet “0x60e,” which had previously withdrawn ETH from Poloniex between 2016 and 2018 at lower prices, and the ETH ICO participant wallet “0x193.”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.

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.

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.

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