Large cryptocurrency transfers often signal upcoming market moves. On Sunday, Whale Alert reported two big transfers – over $50 million worth of Ethereum (ETH) and XRP – to major exchanges Coinbase and Bitstamp.
Whale Alert, a popular Twitter account with over 2.2 million followers, tracks and reports on major cryptocurrency transactions like these. When large amounts move to exchanges, it often means the holder is looking to sell or trade the assets.
The ETH transfer to Coinbase in particular raises eyebrows, as it is unusually large for a single transaction. This could signal an intent to sell a significant amount of ETH. The XRP move, while smaller, is still significant and may point to similar selling intent.
Overall, these large transfers to exchanges are worth monitoring closely. If the holders do look to sell or trade the assets, it could increase selling pressure on ETH and XRP in the short-term. This is notable as cryptocurrency markets have already been shaky amid the recent FTX fallout.
Of course, it’s also possible these particular holders have other intentions besides immediate selling. But the transfers are large enough to warrant attention, as over $50 million flowing onto exchanges cannot be ignored. We’ll have to continue watching the markets for any signs of increased activity.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy thetrades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com