Amidst the dynamic cryptocurrency landscape, a recent series of substantial Ethereum (ETH) transfers to Centralized Exchanges (CEXs) ignited widespread speculation and market discussions on December 6.
Within a 24-hour span, attention-grabbing transactions totalling 19,822 ETH surfaced across three prominent digital exchanges—Binance and Coinbase. These transfers, cumulatively valued at $45.2 million, made ripples in the crypto sphere.
Exploring The Transactions:
Spot on Chain, a platform specializing in blockchain metrics, unveiled data spotlighting the immense movement of Ethereum to CEXs, primarily Binance and Coinbase.
Galaxy Digital, a notable digital asset institution, initiated the first noteworthy transaction, transferring 9,179 ETH worth $20.9 million to Binance. Meanwhile, the institution retains 10,038 ETH, valued at $22.8 million, post-transfer.
Another significant move came from Celsius Network, a crypto financial services provider, channelling 7,500 ETH, approximately $17.05 million, to Coinbase. This transaction raised eyebrows across markets, considering Celsius Network’s total ETH outflow since November 14, summing up to 44,769 ETH.
In parallel, a third transaction stood out, involving the transfer of 3,143 ETH to Coinbase. This move, amounting to $7.21 million, also occurred on the same day. FTX, conducting this transfer, has cumulatively moved $54.3 million worth of ETH since October 24.
Market Impact and Ethereum’s Price:
Despite these significant transfers, Ethereum experienced a marginal 2.24% increase in the past 24 hours, reaching $2,259.48. Moreover, the token observed a noteworthy surge of 10.07% and 19.22% over the past week and month, respectively.
However, the surge in ETH prices seemingly contradicts the ongoing increased circulation supply resulting from significant inflows to CEXs, raising questions about the potential market impact and supply dynamics.
Discussion about this post