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ETH Experiences Selling Pressure from Whale Accumulation
A large wallet with an address starting from 0x97BD has just taken an action that caught the market’s attention. In the last transaction a few hours ago, this entity successfully transferred 10,000 ETH from a centralized exchange platform to their private wallet.
This move indicates that the wallet owner is still in the accumulation phase of Ethereum with a substantial amount. The total holdings of this whale now reach 34,188 ETH, a quite significant position in the market.
With Ethereum’s current price at $2.93K and a 24-hour trading volume of $356.07M, activities like this whale movement serve as an important indicator of long-term holder sentiment. Large withdrawals from CEX usually suggest that institutional investors or whales are strengthening their positions, which could be a bullish signal or at least a sign of confidence in the long-term asset.
On-chain data shows that this consolidation momentum warrants close attention from traders and investors to understand the future Ethereum market trend.