A significant event in the cryptocurrency market was reported a few hours ago. Metalpha, a major player in the sector, withdrew 5,994 ETH (approximately $14.07 million) from Lido, according to Lookonchain. Shortly after, Metalpha deposited 5,500 ETH (valued at about $12.9 million) into Binance. This big transaction has impacted the Ethereum price in the short term as well.
2 hours ago, #Metalpha withdrew 5,994 $ETH($14.07M) from #Lido and deposited 5.5K $ETH($12.9M) to #Binance.
After that, the price of $ETH plummeted by ~2.3%.https://t.co/3hqVXQvHlu pic.twitter.com/Uykx48nu6Y
— Lookonchain (@lookonchain) September 6, 2024
Metalpha Makes Huge Move, Ethereum Drops 2.3% After Major Transaction Moves
After these moves, Ethereum (ETH) lost about 2.3% of its value and plunged from $3,460 to $3,393. At the time of writing this paper, one ETH costs $2,370. This decline shows that when major market players execute large transactions involving cryptocurrencies, their prices can be affected significantly.
Metalpha’s recent activity is part of a number of high-profile transactions on Ethereum that has been observed lately. On August 29, Metalpha deposited 5,000 ETH into Binance, and on September 2, an additional 600 ETH was also deposited into the same exchange.
Significant ETH Transfers Indicate Possible Market Trend Shifts
This kind of large- scale movements do create sentiment and volume, encouraging such fluctuations in prices. Large volumes of ETH transferred between two different platforms can give hints about changes in the market or investors’ strategies.
Overall, Metalpha’s recent buy and sell operations affected the prices as displayed by Lookonchain since it demonstrates that large transfers dominate the cryptocurrency market prices. These developments should be watched closely as they may indicate the likelihood of change in trends of the particular market.
