The crypto community is concerned about a large transfer of Ethereum (ETH) to the Binance crypto exchange, executed via an address presumed to be owned by the ARB Foundation.
Details of ETH Transfer
In the final hours of August, a significant sum of 60,000 ETH valued at $150.33 million was transferred to Binance. This transfer increased the total amount of ETH sent to Binance to 90,000 ETH, valued at around $226.02 million.
Crypto Community Reaction
The on-chain tracker, in conjunction with other members of the crypto community, believes that the ARB Foundation is making arrangements to liquidate its ETH assets by transferring them to Binance.
Market Impact
The transfer of Ethereum by the ARB Foundation and other potential indicators of a pessimistic market are exerting pressure on the price of ETH, resulting in a decline. The current Ethereum price is testing the 0.236 Fibonacci level on the daily chart. If this level fails to hold, a decline towards the support level of $2,116, created during the crash on August 5th, may occur.
Large ETH transfers are raising concerns within the crypto community and may have significant market implications. It is crucial to monitor the situation and potential market changes.
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