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Crypto Captains are the First to Leave the Ship When it is Tanking

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Nearly $25 million in ETH was sent to the exchanges in the last 24 hours according to ViewBase a tool that analyzes blockchain to find patterns when coins are being dumped or accumulated.

The total amount of sent to the exchanges was 204,530 ETH and was sent to 3 exchanges: Binance, Kraken, and Houbi.

It is worth to mention that the origin of the 92,000 ETH sent to Kraken is this whale address https://etherscan.io/address/a7e4fecddc20d83f36971b67e13f1abc98dfcfa6 which received most of its balance from Vitalik Buterins address https://etherscan.io/address/0xab5801a7d398351b8be11c439e05c5b3259aec9bwhich which makes us speculate that the 92k ETH belongs to Vitalik or to an Ethereum developer.

Meanwhile, ETH price is 37% down compared to November these large movements of ETH toward exchanges suggest that further dumping in price is coming. However, some Ethereum believers think that these funds are being moved to those leveraged exchanges to go long in Ethereum.

Some are concerned that Ethereum 2.0 will be a disaster and maybe those transfers are from Ethreum insiders are preparing to dump their ETH before the price tanks.

There is saying that “The captain goes down with the ship” but in crypto, thinks work the opposite way. In crypto, the captain is the first to leaves the ship when it is tanking, dumping their coins to the retail users that blindly believe in them.

What is your prediction on the ETH short term price action? Do you think we will see a bit red candle? Feel free to post your opinion in the comments below.

 

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About Author

Ethan Hunt

Bitcoin Maximalist and Toxic to our banking and monetary system. Separation of money and state is necessary just like the separation of religion and state in the past. Also, pro-local, pro-global and anti-national.

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