Hong-Kong based Metalpha deposited 10K Ethereum to Binance in the past few hours.
Ethereum has recorded a 2.68% increase in daily price as per CMC data.
The crypto sector during pivotal market situations sees increased whale activity. Whale movements when significant often influence cryptocurrency prices. Relatedly, in the last few hours, Hong Kong Asset management firm, Metalpha garnered market attention with significant Ethereum movements.
Notably, LookOnchain reported that Metalpha moved 10,000 Ethereum tokens worth $23.45 million in the early Asian hours. The deposit was made to a wallet connected to the Binance deposit with the address – “0x667”. Additionally, the asset management firm has been depositing ETH to Binance for the past 4 days.
Metalpha has transferred a total of 33,589 Ethereum worth $77.59 million to the crypto exchange. Previously, on September 9, the firm had deposited another 10K ETH to Binance as per Arkham Intelligence data. Metalpha’s current ETH holdings are 643.8 tokens worth $1.51 million.
Furthermore, in the past hour, Metalpha received 5.154K ETH from Binance Hot Wallet with the address, “0x497”. The asset management firm’s ETH movements have raised market speculations as the reason has not yet been determined. Meanwhile, other Ethereum whales have also shown activity. One particular whale, “0x238”, transferred 14,588 ETH worth $34.2 million to Coinbase as per WhaleAlert reports.
Is Ethereum Showing Price Recovery Signals?
In the past day, Ethereum price has begun to show upward movements after its decline over the week. The altcoin recorded a 2.68% daily price increase and returned to the $2.34K levels. Ethereum began sparking bullish candles after sliding to an intraday low of $2,274. At the time of writing, the token was trading at $2,346 according to CMC data.
Zooming out, the token’s price shows a 6.98% decline in the last seven days. At the beginning of the week, Ethereum traded at a high of $2,523 after which bears took over. However, if the altcoin manages to sustain the recent positive momentum, a price recovery can be expected.
Furthermore, in the past two days, apart from Metalpha’s Binance deposits, Ethereum co-founder Vitalik Buterin showed ETH movements. These movements caused speculations in the market, as the wallets that Buterin sent the tokens went on a selling spree.
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