Whales have become active ahead of the U.S. Federal Reserve rate hike decision. Despite Ethereum price sideways movement, whales have moved nearly 500K ETH in the last 2 days.
Whales moving massive amounts of Ethereum (ETH) during the FOMC meeting is a reason to worry as it may lead to a selloff in the crypto market. Not only whales, but crypto trading firm Amber also transferred 10,000 ETH worth $15.8 million to crypto exchange Binance recently.
Why Whales Are Dumping Ethereum (ETH)?
Whale Alert in a tweet on February 1 reported that a whale moved 186,429 ETH worth 295 million to an unknown wallet. Etherscan data reveals the new wallet address received 186,460 ETH a day ago from another wallet address, which held the ETH for 14 days. Further on-chain analysis revealed the wallet is likely linked to Genesis.
A whale transferred 16,254 ETH worth 25,946,734 from Wrapped Ether to an unknown wallet today. Meanwhile, another whale dumps 16,109 ETH to Bitstamp.
On Tuesday, Whale Alert reported a whale moved over 65 million ETH from Luno. Also, a whale transferred 24,809 ETH worth 38,830,768 to Coinbase. Similar whale transactions were recorded in the last 48 hours, causing a rise in pressure ahead of the U.S. Fed rate hike decision. In total, whales transferred nearly 500K Ethereum (ETH) in the last 2 days.
Ethereum Under Pressure Ahead of U.S. Fed Rate Hike
Ethereum (ETH) price jumped nearly 1% in the last 24 hours, with the price currently trading at $1,579. The 24-hour low and high are $1,569 and $1,598, respectively. Furthermore, the trading volume has decreased by 20% in the last 24 hours, indicating a decline in interest among traders.
Wall Street experts believe the Fed is likely to slow the interest rate hike to 25 bps due to cooling inflation, strong jobs data, and an increase in the U.S. GDP growth rate at 2.9% in the fourth quarter.
Also Read: On-Chain Date Warns Bitcoin Price Risks Falling to $21,000
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