A whopping 270,000+ Ethereum Were Sent To Central Exchanges Within The Space Of Two Hours

Per Whale Alert, the whale tracking platform, over 270,000 Ethereum has been sent to central exchanges within the space of 2 hours post-merge.

Over 20,000 ETH Were Sent To FTX

Over 20,000 Ethereum were sent to FTX in the first two transactions. The first transaction sent 12,497 ETH worth $17 million was transferred, followed by 8,426 ETH worth over $11.5 million, just 9 minutes later.

Read Also: An Unknown Whale Purchase A Total Of $500 Million Worth Of XRP, XRP Spikes From Its 48-Hour Low To $0.37 At 6% Increase

A Whopping 250k Were Sent To Binance

Another whooping 250,000 Ethereum worth over $338 million were sent to Binance as stated by Whale Alert which put the total value of Ethereum transferred to exchanges within the short period at over $366 million.

Although, the investors massively transacted their assets across exchanges with the mind to selling. It is good to know that the massive movement of such an amount of Ethereum is an indication of increased bearish sentiment among whales and the possibility of a continued sell-off.

Holders Expect A Spike At The Post Merge

Holder expects that after the merge, there should be a spike in the Ethereum price but the contrary has been occurring. For instance, whales have taken the opportunity to take profits as confirmed by the Galssnode in its August analysis.

Glassnode noted that the price drop might be similar to a “sell-the-news” type of situation. 

“Post Merge, the left tail, is pricing in significantly higher implied volatility, indicating traders are paying a premium for ‘sell-the-news’ put-option protection post-Merge,” Glassnode analysts said in a note shared by Bloomberg

At the moment, the ETH market calms in a state of increased uncertainty as inflation remains high, FED is expected to raise rates by 100 basis points tomorrow while a crypto pundit Lark Davis noted in a recent tweet that the decision to raise rates by less than 100 basis points will likely lead to a relief rally in the markets.

Read Also: LUNC Community Asks Central Exchanges To Implement Tax Burn Proposal On Off-Chain Activities Via New Proposal

Currently, the second largest cryptocurrency is trading at $1,357.50, a 3.95% increase in the last 24 hours and Ethereum has plummeted by over 15% since The Merge.

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