Ethereum Price Braces For a Major $260 Million Shock
Ethereum whale Garrett Jin and ETF issuers BlackRock and Fidelity deposited a combined $260 million in ETH to exchanges, potentially impacting price.Summary
Ethereum is facing potential price volatility due to significant ETH deposits totaling nearly $260 million to exchanges. Whale investor Garrett Jin deposited $178 million worth of ETH into Binance, marking a substantial reduction in his holdings. Concurrently, BlackRock and Fidelity collectively transferred over 35,000 ETH, valued at approximately $80 million, to Coinbase Prime. These movements coincide with substantial outflows from US spot Ether ETFs on the previous day, raising concerns about potential selling pressure. While ETF transfers to exchanges can be for operational purposes like redemptions or custody shifts, they can also signal an intent to sell. Traders are closely monitoring these developments and exchange order books for any indication of spot market selling.
(Source：BeInCrypto)