Voyager sells ETH; should short-term Ethereum holders be worried? 

  • Voyager at the moment holds almost 148,774 ETH, over $57 million price of SHIB, and 1.44 million LINK.
  • ETH accumulation elevated and metrics remained bullish. 

Twitter account Lookonchain revealed an fascinating transaction that occurred on 5 March 2023. As per the tweet, Voyager continued to dump its holdings because it bought 1,449 Ethereum [ETH], price over $2 million, through Wintermute. In change, Voyager acquired 2.25 million USDC. 

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After this huge transaction, Voyager holds almost 148,774 ETH, price $233.5 million, over $57 million price of Shiba Inu [SHIB], and 1.44 million Chainlink [LINK], amongst others.

This episode occurred whereas the SEC objected to the deal between Binance and Voyager, saying the regulator had primarily requested to “cease everyone of their tracks” with out explaining how one can tackle its issues.

Ought to Ethereum HODLers be fearful?

Although the sell-off introduced together with it the potential for an extra dump, the possibilities of that occuring have been skinny. Glassnode’s knowledge revealed that the variety of addresses with greater than 1 ETH reached a one-month excessive of 1,743,911 on 5 March.

The rise on this metric recommended that the market’s confidence in ETH was excessive as extra traders trusted the token. 

As per Santiment, ETH’s complete provide held by prime addresses additionally elevated final month. As accumulation elevated, the potential for a dump was decreased.

Moreover, it was fascinating to see a hike within the provide held by prime non-exchange addresses over the previous couple of weeks, whereas the identical metric for prime change addresses declined barely.

Not solely this, however Ethereum’s change provide just lately fell to a five-year low. 

Supply: Santiment

The long run seems to be safe

Because the date of the much-awaited Shanghai improve approaches, a number of different metrics additionally turned in ETH’s favor, giving hope for a safe future.

As an example, the full worth locked within the ETH 2.0 deposit contract simply reached an all-time excessive of 16,694,295 ETH, which appeared promising. 

In addition to, as per CryptoQuant’s data, ETH’s change reserve was reducing, indicating much less promoting stress.

The king alt’s complete variety of lively wallets additionally elevated. Nonetheless, ETH’s taker buy-sell ratio turned pink. This was a destructive sign, because it indicated that promoting sentiment was dominant within the derivatives market.

Real looking or not, right here’s ETH market cap in BTC‘s phrases

Respectable on-chain efficiency

Moreover, Santiment’s chart recommended that ETH’s velocity remained comparatively excessive, indicating extra motion of the asset throughout addresses.

Its community progress additionally managed to go up in the previous couple of weeks, which was a optimistic sign. Nonetheless, regardless of the Shanghai improve anticipation, ETH’s growth exercise has declined recently. 

Supply: Santiment

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