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Ethereum Gas Fees Hit Rock Bottom: Price Rally Ahead?

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The Ethereum gas fees have hit a new low in two months amidst a highly-awaited ETF approval. CryptoQuant’s latest analysis highlights the trend of ETH average gas fees [Gwei], indicating reduced network usage. In the chart below, the black line represents ETH prices, and the blue line represents the 7-day moving average gas fees.

Ethereum
Ethereum Gas Fees Hit Rock Bottom: Price Rally Ahead? 3

This chart shows the trend of ETH average gas fees (Gwei), with the black line representing Ethereum prices and the blue line representing the 7-day moving average gas fees. Currently, the trend shows that gas fees are at their lowest since May 2024, indicating a quieter Ethereum network activity. It can be observed that when gas fees increase, ETH prices tend to rise as well. Could this be the calm before the storm ahead of the upcoming approval of the ETH spot ETF?

At present, the trend shows that gas fees are at their lowest since May 2024. Historically, an increase in gas fees correlates with the rise in the prices of the altcoin. Per the data platform, the current respite is unusual and might be the ‘silence before the storm’, considering the potential spot ETF approval.

On the price front, ETH is reclaiming the 200-day Exponential Moving Average [EMA], showing strong resilience. If the token holds this position successfully, there could be another test of the $4,000 level.

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Ethereum Gas Fees Hit Rock Bottom: Price Rally Ahead? 4

Ethereum: Whale Accumulation Signals Bullish Sentiment

Confirming the bullish sentiment is the accumulation of ETH ecosystem tokens by major whales and institutions. These substantial withdrawals indicate significant interest and confidence in the Ethereum ecosystem. According to Lookonchain data, the following are the notable movements.

Furthermore, market experts are drawing parallels between Ethereum in 2024 and Bitcoin in 2023, suggesting a similar reaccumulation phase before a potential ETF rally. This comparison underscores the growing anticipation and optimistic sentiment surrounding the token.

Overall, Ethereum’s reduced gas fees and whales accumulating tokens, have stirred the attention of market observers who are closely watching for the next significant move. The potential approval of the Ethereum spot ETF could be a major catalyst, potentially propelling the leading altcoin’s prices to new heights.

Bitcoin Turbulence Ahead: Germany Dumps $100M BTC

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Bitcoin braces for seismic aftershocks as the German government has begun offloading its vast BTC holdings. In the past two days, authorities have deposited a whopping 1,700 BTC, worth over $100 million, to leading cryptocurrency exchanges Coinbase, Kraken, and Bitstamp. This abrupt outpouring of BTC into the market is closely monitored by traders and investors, anticipating potential market turbulence.

The massive stash was originally confiscated from illicit activities and accumulated over several years. As per Lookonchain data, the German government currently has a total of 47,179 BTC and is worth a staggering $3.06 billion. Market analysts warn of increased volatility in Bitcoin prices following the German government’s decision to liquidate these assets.

Beware of the 47,179 $BTC ($3.06B) dump from the German Government! In the past 2 days, the German Government has deposited 1,700 $BTC($110.88M) to Coinbase, Kraken, and Bitstamp. German Government currently has 47,179 $BTC($3.06B) left.

If history is any indicator, large dumps of cryptocurrency on public exchanges have triggered sharp price declines, as supply overwhelms demand. The crypto market, known for its sensitivity to sudden price swings, is now bracing for potential aftershocks.

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Bitcoin Turbulence Ahead: Germany Dumps $100M BTC 6

As crypto observers contemplate the next move, a few experts have questioned the timing of the German government’s decision. Some believe that by selling Bitcoin, Germany might be aligning itself with countries that support crypto, potentially influencing future regulations and market trends.

Bitcoin Business Boom: Zero Capital Gains Tax In Germany

Nevertheless, investors and traders are urged to closely monitor the situation. For those with a long-term outlook, temporary price drops may provide a chance to buy Bitcoin at a lower cost. However, short-term traders should exercise caution, as rapid price fluctuations could lead to substantial losses.

That being said, a segment of proponents have praised the regulatory and tax structure for businesses operating in the cryptocurrency domain. Some of these are even considering launching a Bitcoin medium of exchange (MoE) business in markets such as Germany, Switzerland, or Portugal. These “beachhead” markets, as per them, offer either zero capital gains tax or zero after one year, which translates to significantly reduced friction and tax-related anxiety.

Chainlink’s Wild Ride: Mystery Whale’s $112M Accumulation Spree

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LookOnchain, a blockchain analytics firm, on February 11th revealed something amazing regarding the meteoric surge of Chainlink (LINK). It particularly detailed that there was a significant uptick in $LINK price by about 15% that occurred in tandem with massive accumulation activity that got attributed to an unknown entity referred to as a “whale” within the crypto community.

It was part of a relentless accumulation exercise by the anonymous whale, who bagged a total of 5,587,368 Chainlink tokens within just 6 days. Worth noting is that these buys were carried out through 55 separate addresses on the leading crypto exchange, Binance.

A Strategic Series: Chainlink Whale’s Acquisition Spree

According to the first observations by LookOnchain, the initial accumulations began on February 5. On this day, in total, 4 new wallets, which were created, withdrew the amount as much as 119,583 $LINK in total from Binance – which is priced approximately at $2.15 million. This was the start of a series of tactical moves planned by the cunning whale.

Unfazed by scrutiny, on February 6th, the whale raised its game as it transferred a flurry of activities across the blockchain. Another 47 wallets have turned up, orchestrating a total of 2,237,504 $LINK—worth an unbelievable $42.38 million—withdrawn in just two days.

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The crypto world was amazed as the momentum of the whale seemed to have had no signs of respite. A further surge of accumulation activity is reported on the 7th of February by LookOnchain, with a total of 2,745,815 $LINK withdrawn from Binance using 49 newly set-up wallets. Notably, a “Whale”0x2A19” emerged, withdrawing 494,957 $LINK, worth approximately $9 million over ten days.

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By yesterday, February 10th, proceeds kept on accumulating with no let-up, deepening the mystery of the whale’s intentions. The whale managed to accumulate 4,556,684 tokens, totaling $83.6 million at that time, sourced from Binance through the 55 new wallets across the network within five days.

However, what implications this will have for the Chainlink ecosystem and what motives exactly lie behind the action of the whale is, at the moment, all speculative, and analysts and investors are very much looking forward to what would be the outcome of this for the broader cryptocurrency market. But what is true within the unfolding of the saga is that these actions of the enigmatic whale keep capturing the interest of the global crypto community.

Related Reading | LINK On Fire: Institutions Bet Big On Chainlink

Trader Shorts Bitcoin & Ethereum, Bags $200K Profit

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In a strategic move, an anonymous trader took a short position on both Bitcoin [BTC] and Ethereum [ETH] just five hours before the prices of these leading cryptocurrencies experienced a significant crash, resulting in a current profit of nearly $200,000. “Smart or lucky? This trader shorted Bitcoin and Ethereum 5 hours before the BTC & ETH prices crashed. The current profit is close to $200K.” Further insights into this trader’s activities were brought to light by Lookonchain, a prominent on-chain data aggregator.

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Trader Shorts Bitcoin & Ethereum, Bags $200K Profit 10

According to the dashboard on Dune Analytics, this anonymous trader has engaged in a total of 46 trades on the GMX exchange, with a notable win rate of around 35%, having emerged victorious in 16 of those trades. Despite the relatively low win rate, the trader has managed to accumulate a substantial total profit of approximately $457,000. What stands out is the trader’s inclination toward using an average leverage of nearly 14x per order, coupled with an average position holding time of around 7 days.

Remarkably, the trader has consistently implemented a stop-loss order with each trade, ensuring that losses on individual orders are kept relatively modest. This risk management strategy, coupled with the ability to predict and capitalize on market movements, has contributed to the trader’s overall success and profit accumulation.

Bitcoin Drops 5% After 8 Weeks of Gains

The crypto community has been quick to applaud the strategic prowess of this anonymous investor. One enthusiastic commenter expressed admiration, stating, “Big brain moves! This trader’s got that crystal ball energy, calling shots before the market dips. Mad props for playing the game like a pro.” The trader’s ability to navigate the volatile crypto market, coupled with the evident success of their predictive moves, has garnered recognition and respect within the community, showcasing the skill and strategic acumen of this anonymous market participant.

That being said, the week commenced with Bitcoin experiencing a 5% decline during the early hours of the Asian trading session, following its eighth consecutive positive week. The Kobeissi Letter, a macroeconomics outlet, advocated for a return to the $41,500 support level, suggesting the potential formation of a higher low.

Ethereum Whales Dump $97.7 Million As ETH Faces Bearish Pressure

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In a recent development, Lookonchain, a prominent on-chain tracking platform, shook the crypto sphere today with an eye-opening disclosure in an X post, spotlighting a wallet affiliated with HashKey that shed a staggering $97.7 million worth of Ethereum (ETH) in recent market moves. The divulged details outline wallet 0xD26e’s activities, witnessing the deposit of 50,115 ETH onto various exchanges within the preceding ten days.

On-chain analytics offers valuable insights into the path of tokens directed towards exchanges like Binance and OKX. The consequent withdrawals from these platforms culminated in a combined sum of 89.6 million Tether (USDT) and 12.95 million USD Coin (USDC). Lookonchain’s assessments suggest an average selling price of around $2,047 for these tokens. 

Despite the significant whale activity, Ethereum (ETH) has managed to experience a 1,25% increase in value over the past 24 hours. According to CoinMarketCap, ETH is trading at $1,961. Ethereum is struggling to reach the $2,000 mark and has experienced a 4.35% decline in its weekly performance. Its daily trading volume has also dropped by a significant 31.25%, now at $7,864,079,782.

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Source: TradingView

Ethereum Technical Outlook

Analyzing the technical indicators reveals a concerning trajectory for ETH, entangled within a negative price channel that signals a bearish trend. The cryptocurrency appears susceptible to breaching its critical support level at $1,945 in the imminent days, possibly cascading further to the $1,830 mark.

Nevertheless, an optimistic prospect emerges if Ethereum sustains its position above the $1,945 support threshold for the subsequent 72 hours, potentially invalidating the looming bearish sentiment. A bullish scenario could entail ETH’s breakout from the descending price channel. In such a favorable turn, sustained momentum from buyers might pave the way for Ethereum to surmount the $2,065 resistance, potentially transforming it into a new stronghold of support.

The current state of the Ethereum market is at a critical juncture, where the balance between bearish sentiments and the potential for a bullish upswing hangs in the balance. Significant movements by whales and the prevailing market dynamics further influence this delicate balance.

FTX’s $13M Solana Exodus Amidst Price Boom

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In the midst of an unparalleled surge in Solana’s market value, wallets associated with the FTX crypto exchange have orchestrated a substantial movement of approximately 250,000 SOL tokens, totaling an impressive $13 million, to the Kraken exchange. The on-chain analysis platform, Lookonchain, reports that FTX’s public addresses on the Solana blockchain currently retain a mere 3,408 SOL, equivalent to $185,000.

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FTX's $13M Solana Exodus Amidst Price Boom 13

Adding to the complexity of this financial chess game, on-chain investigators have observed an additional transfer of $4 million in USDT stablecoins to the Binance crypto exchange and the trading firm Wintermute. These financial maneuvers form part of a series of transactions conducted by the debtor group linked to the collapsed crypto exchange, including the recent transfer of $20 million worth of SOL and ETH from cold wallets, among other transfers.

A previous report from TronWeekly underlines Solana’s remarkable surge in value, witnessing a staggering 50% increase over the past week and reaching an unprecedented peak of around $63 in 2023. The digital asset’s upward trajectory continues to capture attention, particularly due to its close ties with the FTX brand, accentuating positive market trends. These actions align with expectations, given that the beleaguered exchange has received approval to liquidate its assets.

FTX’s Ex-Members Launch New Crypto Exchange

The high-stakes narrative surrounding FTX took a decisive turn following the conviction of their former CEO, Sam Bankman-Fried, on seven charges of fraud. Recent updates reveal that two former associates of the convicted founder, FTX’s former general counsel Can Sun, and former Alameda Research software developer Armani Ferrante, have joined forces to establish Trek Labs, a Dubai-based company.

Notably, Trek Labs has secured a license from the Virtual Assets Regulatory Authority (VARA), the regulatory body overseeing digital assets in the emirate, as reported by the Wall Street Journal. Sun, a crucial witness in Bankman-Fried’s recent criminal trial, disclosed that he “never approved” the lending of customer funds from FTX to Alameda Research during his tenure as general counsel from August 2021 until the exchange’s collapse in November 2022.

The nascent entity, officially named Backpack Exchange, aims to sell a 10% stake, valuing the enterprise at over $100 million. Plans are underway to launch the exchange in beta later this month, marking a new chapter in the ever-evolving landscape of cryptocurrency exchanges.

Ethereum Accumulation Surge Drives Price Rally Amid ETF Breakthrough

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In a whirlwind of activity within the Ethereum (ETH) ecosystem, blockchain sleuth Lookonchain has uncovered a significant surge in ETH accumulation. This uptick in accumulation coincided with a notable price surge and the unveiling of exchange-traded fund (ETF) filings, marking a pivotal moment for the cryptocurrency.

Lookonchain’s data reveals intriguing movements from key entities within the ETH community. A noteworthy “whale” with the address “0x7838” recently withdrew a substantial 4,288 ETH, valued at a staggering $7.2 million, from the popular exchange Binance. Rather than leaving the tokens idle, this whale chose to stake them, adding to ETH’s momentum.

Another wallet, under the moniker “0x4b7B,” mirrored this pattern by withdrawing a remarkable 9,530 ETH, equivalent to a whopping $16 million, from the very same Binance platform and also promptly staked it. These bold moves by whales demonstrate their confidence in ETH’s future potential.

In tandem with these developments, Ethereum’s market value experienced a notable 2.76% increase, pushing its price to $1,732, according to Coin Market Cap data. With this surge, ETH’s total valuation reached an impressive $206 billion, solidifying its position as the second-largest cryptocurrency in the world.

Ethereum Breaks New Ground

Adding to Ethereum’s newfound momentum is the recent decision by the U.S. Securities and Exchange Commission (SEC) to approve Ethereum futures inclusion in ETFs. One of the first entities to seize this opportunity is Valkyrie Funds, which has integrated ETH futures into its existing Bitcoin futures ETF. This pioneering move marks the first instance where ETH-based futures become accessible to investors through an ETF. This development is poised to bolster market stability and instill greater confidence among investors.

Notably, Valkyrie Funds is not alone in this endeavor. Several other prominent asset managers, including VanEck and ProShares, are also in the race to launch their Ethereum futures ETFs. The competition among these firms reflects the growing recognition of Ethereum’s significance in the cryptocurrency market and the desire to provide investors with diversified and accessible investment options.

As Ethereum’s accumulation surges and ETFs begin to embrace it, the cryptocurrency is poised for a dynamic and potentially transformative period, with whales and institutional players leading the way.

Related Reading: |Cryptocurrency Market’s Resilient Climb: Bitcoin and Ethereum Leading Way

Ethereum Co-Founder’s 2,000 ETH Shift To ‘0x5567’ Sparks Speculation

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In a striking turn of events, a wallet tied to the renowned Ethereum co-founder, Vitalik Buterin, has sent shockwaves through the cryptocurrency community. As per a recent update from the reputable crypto analytics platform LookOnChain, this wallet has relocated a whopping 2,000 ETH, equivalent to a staggering $3.12 million, to an enigmatic destination labeled “0x5567”.

However, this hefty transfer is no isolated incident. Astonishingly, this wallet has channeled a total of 2,700 ETH, an approximate value of $4.77 million, to Bitstamp via the same cryptic “0x5567” in the past month alone. The underlying motive behind these substantial transactions remains in secrecy, leaving onlookers in speculation.

One plausible scenario is that Vitalik Buterin might reallocate funds for a specific venture or investment. Alternatively, it’s conceivable that he’s opting to liquefy some of his assets to shield against the capricious undulations of the market. While these are educated suppositions, the precise rationale still needs to be discovered.

Unraveling Ethereum’s Market Complexity

Shifting our focus to Ethereum’s present market conditions, the latest data indicates that ETH is trading at around $1610.72, marking a 1.57% increase over the past 24 hours. After Vitalik Buterin’s transfer of 2,000 ETH, the market fell below the $1,600 mark. Nevertheless, Ethereum’s price is now in the process of recovery. The recent transaction involving a wallet linked to Buterin injects additional complexity into Ethereum’s intricate market dynamics.

The timing of these transfers holds particular significance. With Ethereum navigating through turbulence, substantial movements originating from influential figures could either lend stability to the asset or further ignite prevailing volatility. It’s a precarious equilibrium, and the market is keenly attuned to forthcoming developments emanating from wallets linked to crypto luminaries such as Buterin.

While the impetus behind these substantial transfers remains veiled, they unarguably introduce a layer of intricacy to Ethereum’s existing market landscape. Whether these actions foreshadow something more substantial or are merely routine transactions, they’ve unquestionably seized the attention of seasoned investors and retail traders alike. The enigma surrounding these movements only serves to intensify the intrigue.

Related Reading:| Ethereum Co-Founder’s 3,000 ETH Transfer Raises Concerns Amid Recovery

Ethereum: Whale Burns $4.5M ETH As Community Unravels The Bizarre Move

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Confusion descended on the Ethereum community after a mysterious entity known only by the ENS name nd4.eth sent 2,500 ethers worth over $4 million to a burn address. As a result, the aforementioned coins were destroyed for no apparent reason.

The bizarre move that occurred on July 26 remained obscured from public scrutiny until now when several eagle-eyed on-chain sleuths tracked down the whale’s activity. The details of why or how this happened were still vague as of the time this news was written.

As community members continue to unravel the mysterious incident, Laurence Day, the creator of Wildcat Protocol, began to playfully proclaim that the anonymous user’s gesture has contributed to Ethereum being an “ultrasound” form of money.

Due to an upgrade called EIP-1559, which resulted in burning a portion of transaction fees, ETH gained the potential to become a deflationary asset. This is because the burned fees can outweigh the ETH issued to validators, given enough demand for block space.

This deflationary potential, along with the implied increase in Ethereum’s price given stable demand, led to the narrative of the altcoin becoming “ultrasound” money. Still, many found it amusing when the user’s ENS was registered under phrases like “enditall.eth.” One remarked, “Not gonna lie, is kind of jealous of this level of existentialism.”

According to leading data tracking platform Lookonchain, nd4.eth had previously sent WETH to another burning address [0x00…0000] several times, worth about $8,000. nd4.eth still holds about $3.57 million, which is staked on GMX and GNS.

The Unknown Ethereum Burner Boasts An Impressive DeFi Portfolio

The guy who transferred 2,500 $ETH [$4.58M] to a dead address on July 26th is a whale with 34,287 $GMX [$1.84M] and 311,003 $GNS [$1.43M]. He spent 5,330 DAI to buy GMX and GNS on July 29 and also transferred 34.9 GMX [$1,989] and 600 GNX [$2,733] to the dead address.

An astounding $3.52 million has been allocated to GMX_IO, GainsNetwork_io, and Apecoin stakes at the wallet address nd4.eth. Lookonchain further examined their DeFi portfolio and revealed: GMX: $1.8 million, $11,000 in WBTC, $11,000 in WETH, and $15,000 in USDC. Gains: $1.4M in GNX and $160K in DAI APE Stake: $41K in APE

8-Year Dormant Ethereum ICO Participant Makes 641 ETH Move On 8th Birthday

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On-chain analyst firm, Lookonchain tweeted today about an Ethereum ICO participant who emerged from an eight-year dormancy to make a significant move in the market. The participant reportedly transferred a total of 641 ETH and commenced staking activities. As a result of his strategic move, the participant has now received a whopping 2,000 $ETH, valued at an astonishing $3.7 million in the current market.

The remarkable event took place during the ETH community’s celebration of its birthday. July 30 marked the eighth anniversary of the official launch of the Ethereum mainnet. Exactly eight years ago, on July 30, 2015, the network made its historic debut, and the founding block of the network was successfully generated.

Ethereum’s Milestones Over 8 Years

As we observe the progress of Ethereum over these eight years, the platform has experienced tremendous growth. According to data provided by OKLINK, the total number of transactions conducted on the Ethereum network has surpassed a staggering 2.05 billion transactions. Furthermore, the number of addresses holding Ethereum has reached an impressive 66.12 million, reflecting the widespread adoption of the cryptocurrency.

In terms of circulation, the­ market currently holds a total of 47.22 million Ethere­um, illustrating its immense popularity and high demand as a digital asse­t. Moreover, approximately 2.986 million Ethe­reum have bee­n burned over time, showcasing the­ coin’s utility and deflationary nature.

The e­mergence of this dormant participant and the­ impressive statistics of the Ethe­reum network indicate a significant progre­ss and widespread support within its community. Currently, ETH stands as the second-large­st cryptocurrency worldwide, with an outstanding market capitalization of $225 billion.

In addition, the thriving ETH community has attracted a diverse­ group of over 1,900 highly skilled deve­lopers who actively contribute the­ir expertise to the­ platform. This influx of talent has been instrume­ntal in driving technological advancements and prope­lling Ethereum’s growth in the compe­titive cryptocurrency market.

However, witnessing the­ celebration of the network’s eighth birthday, the crypto world stands in awe of the­ participant’s strategic move and the impre­ssive milestones achie­ved by this platform over the ye­ars. Exciting developments have­ paved a brighter future for Ethe­reum, promising greater innovations and opportunitie­s in the ever-e­volving blockchain landscape.

Related Reading | Cardano Achieves Remarkable Breakthrough With Mithril Launch