Ethereum, one of the most prominent cryptocurrencies within the digital assets realm, recently gained significant traction across the broader crypto market following a noteworthy transaction on Saturday. According to the on-chain data floating over the crypto horizon, Paradigm, an institutional liquidity network, dumped substantial amounts of ETH to Coinbase, one of the world’s leading crypto exchanges.
The dumping of Ethereum to the aforementioned CEX soon nabbed noteworthy attention among crypto market enthusiasts globally as the transaction surfaced within the market amid the token’s price drop. Intriguingly, Ethereum’s price today traded briefly in the green, fueling market optimism. However, with the transaction emerging within the crypto landscape, the price promptly went downwards, curating a hurricane of speculations for the cryptocurrency.
Paradigm’s ETH Transfer To CEX: Report
According to the data unveiled by Lookonchain, a platform streamlining on-chain metrics, Paradigm deposited 6,500 ETH, worth $14.67 million, to Coinbase today, January 6, 2024. Intriguingly, Paradigm accumulated these ETH at phenomenal price lows.
Moreover, as per past market data, Paradigm seems to be mirroring smart money addresses, gathering colossal amounts of ETH amid bearish market sentiments and thereafter selling the same in bullish markets. Concerning this, even today’s ETH deposit was accumulated at a price low when ETH was evaluated at less than $500. Now, as the price crosses $2,200, Paradigm appears to have sold the aforestated number of ETH to Coinbase, garnering notable profits.
Ethereum Price Dips
As of writing, the Ethereum price noted a marginal drop of 0.81% over the past 24 hours and is currently trading at $2,236. Moreover, this dip was further accompanied by a weekly drop of 2.83%, followed by a monthly fall of 1.66%.
Intriguingly, today’s price briefly traded in the green, amassing significant attention among crypto market traders and investors globally. However, it soon started moving downwards, aligning with Paradigm’s massive selloff around the same time period.