An early investor in Ethereum recently transferred over $12 million worth of ETH to a crypto exchange, fueling the upward trend in net flows seen in recent days. Could this whale activity influence the price of ETH, which is approaching $3,000?
One of the first Ethereum wallets makes a significant transfer
According to information provided by Spot on Chain, a sizable transfer of 4,153 ETH, valued at over $12 million at current prices, was made to the Coinbase exchange on May 13.
This wallet, belonging to one of the first investors in Ethereum, has deposit more than 9,000 ETH on different crypto exchanges since 2021, representing a total value of more than $21 million.
Currently, this wallet still holds 2,566 ETH, equivalent to over $7 million. This recent whale move has contributed to the significant increase in Ethereum positive net flows seen over the past three days.
Although this transfer represents a relatively small amount compared to the total volumes traded in the crypto market, this type of activity can sometimes influence price dynamics and investor perception.
Growing ETH inflow and increasing volume
THE data from CryptoQuant highlight a notable increase in ETH inflows on crypto exchanges. While net flows fluctuated between 3,000 and 4,600 ETH over the past three days, they have climbed to over 18,000 ETH at the time of writing.
At the same time, Ethereum trading volume rebounded above $10 billion, after a decline in the previous session.
This intensification of activity coincides with an upward trend in the price of ETH, which increased by more than 1.7% to trade around $2,980, thus approaching the psychological threshold of $3,000, considered as a key resistance zone. Analysts will closely monitor the development of these metrics in the coming days to assess their potential impact on market dynamics.
The recent transfer of $12 million worth of ETH by an early investor comes amid growing inflows and rising volumes on exchanges.
Although its direct influence on the price remains uncertain, this whale activity undeniably contributes to the current excitement of the Ethereum market, which is approaching the symbolic level of $3,000. The evolution of these indicators in the coming days will be decisive in anticipating the short-term trajectory of ETH.
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