Ether (ETH) traded weak early Monday amid reports of large cryptocurrency transfers to Binance.
The native token of Ethereum's blockchain fell nearly 4% to $1,170, CoinDesk data show.
A whale address moved 73,224 ETH, worth $85.67 million, to Binance during the Asian hours, according to an analysis by on-chain researcher Lookonchain.
Investors typically transfer coins to centralized exchanges when intending to sell or use the coins as a margin in derivatives trading. Therefore, an uptick in exchange inflows often paves the way for heightened price volatility.
"Watch out for the selling pressure of ETH," Lookonchain tweeted, after noting the large inflow into Binance.
According to Lookonchain, the address that moved over 73,000 ETH to Binance was the one that pulled out 84,131 ETH from the decentralized exchange Curve's staked ether (stETH)-ether liquidity pool last week.
The price of liquid-staking protocol Lido's staked-ether (stETH) token fell to 0.97 ETH after the whale withdrew over 84,000 ETH from the Curve pool. At press time, stETH traded at 0.982 relative to ether, per Dune Analytics.
All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.
Recommended Content
Editors’ Picks
Vitalik Buterin slams controversial gambling project ZKasino following scam allegations
Ethereum founder Vitalik Buterin took to Warpcaster, a new type of social network, to condemn ZKasino, a decentralized gambling platform based on Layer 2 Ethereum protocol zkSync.
Starknet jumps 2% after notice inviting specific groups to claim STRK airdrop
Starknet Foundation addressed the groups within the STRK community that were unable to receive the token’s airdrop during the first round. The Layer 2 chain organized an airdrop event in February.
XRP price capped at $0.55 despite retail holdings nearing all-time highs
Ripple price (XRP) failed to break resistance at $0.55 early Wednesday as traders continue to digest Ripple’s recent response to the Securities and Exchange Commission’s (SEC) allegations of illegally selling XRP as a security.
Binance founder Changpeng Zhao could face three-year jail time
US prosecutors are requesting Binance founder and former CEO Changpeng Zhao (CZ) to serve a three-year jail time, according to a Reuters report published Wednesday.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?