Pandemonium, As ETH Worth $3.1 Billion Transferred On The Blockchain

Recent news about the transfer of $3.1 billion worth of Ethereum tokens into the blockchain have got traders preparing for impending selling pressure. This latest development has raised concern among ETH holders, while many are worried about the potential implications of such significant volume of ETH moving between different exchange  wallets.

This most recent event has only increased the uncertainty around Ethereum, which has been grappling with a decreasing supply on exchanges and an increase in the circulation of ETH tokens. Following the SEC’s lingering lawsuit against Binance, the volume of Ethereum tokens in circulation has increased to a three-month high.

FXStreet’s Ekta Mourya believes that this development is attributed to a situation where the demand for ETH has increased. Investors are looking for alternative assets less impacted by regulatory difficulties.

It was also gathered that the supply of the alternative ETH dropped from 11.95 million to 11.86 million on exchanges overnight, an activity that indicates that an increasing number of investors are choosing to hold onto their Ethereum tokens rather than sell them.

Traders Ready For The Next Selling Pressure Amid Investor Loyalty

Despite these encouraging developments, traders continue to prepare for incoming selling pressure as more investors attempt to sell their Ethereum. The cryptocurrency industry is expected to experience a shake during this time and might worsen if the price of ETH drops as a result of this market shake.

📰 Also read:  Andrew Kang predicts 30% decline in Ether price following the ETF introduction

Market behaviour analysis from Binance  reveals that many investors have remained optimistic about Ethereum’s long-term prospects and think it has the ability to rank among the top cryptocurrencies. The price of Ethereum and other tokens is likely to fluctuate further as more investors flood the market and more cryptocurrencies are listed throughout major cryptocurrency exchange platforms.

Meanwhile, price data extracted from Binance’s official blog shows that the price decline has started already, with the price standing at $1,833.70 (at press time). The most recent market capitalization was placed at $220.47 billion, while it recorded a trading volume of $9.85 Billion in the last 24 hours.

According to the trading statistics, ETH lost 1.87% in 24 hours. Also, the total supply was calculated at $120.23 million, as against the $119.26 million it had last year. The Staked Annual Percentage Yield (APY)  of ETH also responded at 6.67%. In comparison, the Staked Ratio is recorded at 15.89%, proving that all aspects of ETH are already getting ready for the “pressure sales.”

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Analysis from CoinMarketCap explains that there might be a connection between the launch of the Optimism token: the scheduled $587 million unlock plan and the expected selling pressure. As of the time of writing, the price of ETH is 61.99% behind its all-time high of $4.891,66.

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📰 Also read:  Andrew Kang predicts 30% decline in Ether price following the ETF introduction

Brenda Collins

Brenda Collins is a seasoned crypto news writer with a deep passion for blockchain technology and its transformative potential. With years of experience in the industry, she has honed her skills in delivering concise and insightful analysis, making complex concepts accessible to a wide audience. Brenda's dedication to staying up-to-date with the latest developments in the crypto world ensures her readers receive accurate and timely information.

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