In a major crypto move on 31 August, a prominent Ethereum address transferred 64,000 ETH to an unknown wallet. According to Whale Alert, the value of the transfer stands at $102 million. The transaction was executed at around 05:01 UTC.
The latest Ethereum move came after the world’s second-most valuable cryptocurrency regained the price level of $1,600. On Tuesday, ETH plunged below $1,500 for the first time in almost four weeks. However, the digital asset has witnessed some recovery today.
The first half of 2022 remained the worst period for institutional inflows related to ETH investment products. According to the digital asset fund flows report by CoinShares, Ethereum products have witnessed outflows worth almost $300 million during the first eight months of 2022, compared to the inflows of $275 million in BTC products.
However, ETH whales kept accumulating Ethereum even in the latest market correction. Ethereum 2.0, the much-awaited network upgrade of ETH, also gained traction since the launch of the Beacon Chain in December 2020. According to Etherscan, the ETH community has deposited more than 13.4 million coins under the staking contract of ETH 2.0.
Negative Crypto Sentiment
Despite some positive indicators regarding crypto accumulation, the overall sentiment around Ethereum and other digital currencies remained negative during the past week. According to Santiment, an on-chain market intelligence platform, ETH has witnessed strong negative sentiment from traders during the last few days.
“The Ethereum disbelief is strong from traders during a particularly volatile week of trading. The crowd has shorted, across exchanges, at the largest ratio since June of 2021. Traders continue to short whenever prices see a notable price dump. According to the BTC average funding rate across Binance, BitMEX, DYDX, and FTX, the reaction to Friday’s drop was the most aggressive traders went against markets since May,” Sanitment highlighted in a recent Tweet.