Hong Kong-based asset management firm Metalpha recently moved a significant amount of Ethereum to the cryptocurrency exchange Binance, causing a surge in market speculations. Such activities often influence cryptocurrency prices, and traders are closely watching the developments.
Metalpha Moves and Their Impact
According to LookOnchain, Metalpha moved 10,000 Ethereum tokens worth $23.45 million to a Binance deposit-linked wallet with the address '0x667' in the past few hours. Moreover, the firm has been transferring ETH to Binance over the last four days, totaling 33,589 Ethereum worth $77.59 million. These movements have caused significant market speculations as the exact reasons behind such transfers are yet to be determined.
Ethereum Price Changes
Over the past day, the price of Ethereum has begun to show upward movements after a week of decline. The altcoin recorded a 2.68% daily price increase, reaching the $2,346 level. Despite recently dropping to an intraday low of $2,274, the coin is rebounding to the $2.34K zone. Meanwhile, the token's price has declined by 6.98% in the past week but is starting to regain its footing.
Market Speculations in Crypto
Meanwhile, other significant Ethereum holders are also showing activity. One particular whale under the address '0x238' transferred 14,588 ETH worth $34.2 million to Coinbase. Additionally, Ethereum co-founder Vitalik Buterin demonstrated ETH movements, further fueling market speculations. Such actions by large cryptocurrency players often result in considerable price swings and changes in market dynamics.
The activities of major Ethereum holders such as Metalpha and Vitalik Buterin have drawn attention to the current market state. These movements have caused significant speculation and impacted prices. As is common in volatile markets, further price changes and whale activities could have a considerable effect on overall trends.
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