Many crypto whales sent ETH to exchanges
Ethereum whales have recently moved a total of $60 million in ETH to crypto exchanges, which could be a sign of a potential bearish. This move is often selling signals, while withdrawals indicate that they are accumulating money.
According to data from Lookonchain, in the last 4 days, one of the whales transferred a total of 30,000 ETH ($50 millionD) to exchanges such as Binance, OKX and KuCoin. Ethereum founder Vitalik Buterin also moved 300 ETH ($493,000) to Kraken on Tuesday (September 19), as PeckShield reported. Although it isn’t a large amount, many analysts still expressed concern because history has shown many times that ETH started to drop after the Ethereum founder took similar actions.
Besides, a wallet that received ETH in the initial coin offering (ICO) 9 years ago, transferred 6,000 ETH ($10 million) to Kraken on Monday morning (September 18), according to Lookonchain.
ETH/BTC ratio continues decline
ETH/BTC ratio has dropped to its lowest level in recent 14 months. According to data from TradingView, the ETH/BTC ratio reached 0.062 on September 20, the lowest threshold since July 2022.
Marcus Thielen, head of strategy and research at Matrixport, said the reason why the ETH/BTC ratio continuously decreased over the past three months is that activities on this blockchain have dropped, leading to a decrease in revenue from Ethereum’s gas fees. Benjamin Cowen, founder of TheCryptoverse, also noted in an X post that a potential breakdown in the ETH’s valuation versus BTC could be in the cards.