- ETH has seen large transfers over the last 24 hours
Its Open Interest remained in the $14 billion range
As a seasoned researcher with years of experience navigating the cryptocurrency markets, I find myself intrigued by the recent events unfolding around Ethereum (ETH). The massive transfers from Genesis, totaling nearly $127 million over the past 24 hours, have raised some eyebrows. This isn’t the first time we’ve seen significant activity from this trading firm, and it seems to coincide with a slight downturn in ETH’s price.
Lately, there’s been a notable increase in the transfer of Ethereum from the Genesis wallet, following up on the large amounts moved last month. This activity took place around the same time as a dip in prices, but traders still seem optimistic about the situation.
$127 million Ethereum moved
As a researcher delving into the intricacies of cryptocurrency transactions, I’ve found myself focusing on Genesis Trading lately. Recent reports from Arkham Intelligence have shed light on some unusual Ethereum activities traced back to wallets associated with this firm. The data uncovered substantial movements of Ethereum between various addresses, suggesting a high level of transactional activity involving significant amounts.
To put it simply, one of Genesis’s Ethereum wallets was part of a transaction that sent 27,500 ETH, which was approximately $87.09 million at the time, to another wallet. Furthermore, a different transaction involving a wallet linked to Genesis moved 12,500 ETH, or around $39.59 million, adding up to nearly $127 million worth of Ethereum transferred within the last day.
Following a significant transaction that took place only a few days ago, which saw Genesis transferring approximately 9,644.4 ETH, worth more than $31 million, there’s been a surge of activity since then.
Genesis of the Ethereum moves
In May, Genesis resolved a substantial legal dispute in New York that carried significant consequences for the company and its financial backers. This lawsuit primarily focused on Genesis’s Earn program, which was accused of misrepresenting investment risks. The complaint alleged that Genesis did not disclose these potential risks to investors, resulting in many being insufficiently informed about their investments.
In this lawsuit, it was emphasized that over 29,000 New York residents participated, cumulatively investing more than $1.1 billion into the Gemini Earn investment plan. As a result of the settlement, Genesis is obligated to compensate investors who were allegedly deceived by the program with approximately $2 billion.
Traders’ sentiment remains positive
Currently, Ethereum is following a downward trend, as its value decreased approximately 2% to approximately $3,133. This represents the fourth straight day of decreases for ETH. Interestingly, while the price drop occurred, overall market sentiment appeared optimistic, which is somewhat unexpected in such situations.
– Read Ethereum (ETH) Price Prediction 2024-25
This positive sentiment can be gauged through the funding rate on Coinglass.
At the current moment, the funding rate stood approximately at 0.0078%. Interestingly, even with the price drop, the funding rate stayed positive, suggesting a potential upcoming price increase.
Simply put, this suggested traders believe the ongoing drop is temporary.
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2024-08-03 11:03