Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Omkar Godbole was a senior reporter on CoinDesk's Markets team.

Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Ether (ETH) traded weak early Monday amid reports of large cryptocurrency transfers to Binance, the world's largest cryptocurrency exchange.

  • The native token of Ethereum's blockchain fell nearly 4% to $1,170, CoinDesk data shows.
  • A "whale" address moved 73,224 ETH, worth $85.7 million, to Binance during the Asian trading hours, according to an analysis by on-chain researcher Lookonchain.
  • Investors typically transfer coins to centralized exchanges when they intend to sell or use the coins as a margin in derivatives trading. Therefore, an uptick in exchange inflows often paves the way for heightened price volatility.
  • "Watch out for the selling pressure of ETH," Lookonchain tweeted, after noting the large inflow into Binance.
  • According to Lookonchain, the address that moved more than 73,000 ETH to Binance was the same one that pulled out 84,131 ETH from decentralized exchange Curve's staked ether (stETH)-ether liquidity pool last week.
  • The price of liquid-staking protocol Lido's staked-ether (stETH) token fell to 0.97 ETH after the large investor withdrew more than 84,000 ETH from the Curve pool. At press time, stETH traded at 0.982 relative to ether, according to Dune Analytics.





DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Omkar Godbole was a senior reporter on CoinDesk's Markets team.


Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


CoinDesk - Unknown

Omkar Godbole was a senior reporter on CoinDesk's Markets team.