This cryptocurrency is scary! 60 million dollars worth of Altcoin are circulating on the Stock Exchange! › CoinTurk

This cryptocurrency is scary!  60 million dollars worth of Altcoin are circulating on the Stock Exchange!  › CoinTurk

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Is the recent rise seen by some institutional investors as a sell opportunity? Investors fear that the transfer of $60 million was made for this purpose. So which institutional altcoin investor sent $60 million worth of crypto to the cryptocurrency exchange?

Ethereum News

ETH rose more than 5% above $1,930 to hit intraday highs on May 30. However, the ETH/USD pair is a big hit for an exchange. ETH It appears to be facing another round of selling amid concerns over its listing. On May 30, an Ethereum address allegedly associated with Three Arrow Capital, a Singapore-based crypto hedge fund, was posted less than an hour after FTX. cryptocurrency sent 32,000 ETH worth $60 million to the exchange.

The mass transfer that followed the fund’s deposit of 26,700 ETH on the same exchange in early May raised doubts that it will drain Ethereum holdings. The main reason for this is that, theoretically, investors transfer cryptocurrencies to their exchange wallets only when they want to sell them for other assets.

Current Ethereum data

However, according to on-chain data tracked by Glassnode, Amount of ethers It continued to decline in May. The ETH balance on all crypto exchanges has increased from 20.45 million to 20.38 million, indicating that a significant portion of investors are holding their assets for their long-term goals.

Three Massive Arrows at FTX Ethereum TransferThis coincided with when ETH struggled to hit critical support at $1,920. At the same time, Ethereum’s relative strength index is near the “overbought” threshold of 70, which tends to precede a sell-off as a rule of technical analysis. In other words, ETH could consolidate at $1,920 before returning to ascending trendline support near $1,850.

Conversely, a decisive move above the $1,920 level accompanied by an increase in trading volumes could support the bullish outlook of the popular analyst named Wolf, as shown below.

Wolf thinks the price could hit $4,000 “a few months after the merger” and Ethereum’s transition to PoS will trigger that.

Disclaimer: The information in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should trade in accordance with their own research.

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