ETH Price Stabilizes as Whales Circle: What to Expect

23. August 2023 Aus Von admin

•Whales have recently been attracted to Ethereum [ETH].
•A whale withdrew 13,301 ETH from OKX after the market experienced a downturn.
•The exchange outflow was higher than the inflow, which suggests that ETH’s price may not decrease significantly in the short term.

What is Going On with Ethereum?

Ethereum [ETH] has recently attracted whales’ interest of late, but it is uncertain if the activities of whales would favor the ETH price action as it looked more or less gloomy in recent times. A particular whale took out 13,301 ETH from OKX after the market experienced a downturn. This suggests that he could be getting set to convert them into other assets that may increase in value going forward.

Impact on Exchange Inflow and Outflow

Exchange outflow surpassed inflows, impacting stability in ETH price. The exchange inflow refers to the number of non-exchange-to-exchange transfers and when it increases, it means that a sell-off could be imminent. The exchange outflow refers to transactions made from exchange addresses to non-exchange addresses and when it surpasses the inflow, it implies that the asset price could stabilize or rather increase.

Vitalik Buterin’s Movements

Coincidentally at this time co-founder Vitalik Buterin sent $1 million worth of ETH to Coinbase which caused fear in the market that he was willing to sell off his asset; however, ETH’s price action over the last 24 hours showed that this wasn’t likely to happen.

On Chain Data Activity

On chain data also showed decreased activity on Ethereum mainnet with respect to active addresses showing 374 at press time.


Overall, these events suggest that whales may be accumulating Ether for long term use and this could lead to stabilizing prices and increased demand for Ether over time despite Vitalik’s movements towards exchanges.