Metalpha withdrew 5,994 ETH ($14.07 million) from Lido 2 hours ago yesterday and deposited 5,500 ETH ($12.9 million) to Binance.
Shortly after this transaction, the price of Ethereum dropped sharply by approximately 2.3 percent.
This move once again showed how large transactions can quickly affect crypto prices. Metalpha’s liquidity movements provided a concrete example of how large investors (whales) can trigger volatility in the market.
Half an hour ago, Metalpha deposited 8,088.8 ETH ($18.05 million) back to Binance, according to Lookonchain. The move highlights how large investors can play a significant role in Ethereum price fluctuations and how crypto markets react quickly to liquidity. Such large transactions, in particular, require investors to be more careful and cautious of market movements.
Such large-scale ETH transfers, especially when transferred to centralized exchanges, can trigger panic selling in the market due to concerns that they could create selling pressure. Metalpha’s large ETH investment in Binance may have caused a short-term decline in the price of Ethereum by increasing expectations among investors that there would be a sell-off.
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