Ethereum Price Drops as Paradigm Flows 6,500 ETH to Coinbase, What’s Happening?
Ethereum, one of the most prominent cryptocurrencies in the world of digital assets, has recently gained significant traction in the broader crypto market following a notable transaction on Saturday. Paradigm, an institutional liquidity network, transferred a significant amount of ETH to Coinbase, one of the world’s leading crypto exchanges, according to on-chain data circulating on crypto horizon.
Ethereum’s aforementioned move to the cex soon garnered significant attention among crypto market enthusiasts worldwide, as the transaction appeared on the market amid the token’s price decline. Interestingly, Ethereum’s price briefly traded in the green zone today, increasing market optimism. However, with the transaction emerging in the cryptocurrency world, the price plummeted, creating a whirlwind of speculation for the cryptocurrency.
Paradigm’s ETH Transfer to CEX: Report
According to data released by Lookonchain, a platform that facilitates on-chain metrics, Paradigm deposited 6,500 ETH worth $14.67 million to Coinbase on January 6, 2024. Interestingly, Paradigm accumulated this ETH at extraordinary price drops.
Moreover, based on historical market data, Paradigm appears to be mirroring smart money addresses, collecting massive amounts of ETH amid bearish market sentiment and then selling the same in bullish markets. Regarding this, even today’s ETH deposits were accumulated at a low price when ETH was valued below $500. Now with the price surpassing $2,200, Paradigm appears to have made a significant profit by selling the previously estimated number of ETH to Coinbase.
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Ethereum Price Drops
As of press time, Ethereum price has recorded a marginal decline of 0.81% in the last 24 hours and is currently trading at $2,236. Additionally, this decline was accompanied by a weekly decline of 2.83%, followed by a monthly decline of 1.66%.
Interestingly, today’s price briefly traded in the green and attracted a lot of attention among crypto market traders and investors across the world. However, it soon began to move downwards, in line with Paradigm’s large sales during the same period.
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