2023-07-22 11:33:43 by NewsBTC

Over the past week, Ethereum (ETH) registered the highest inflows into centralized exchanges (CEX) in the past two months. These significant asset movements have suggested a potential price dip for ETH. CoinGecko data shows that the second-largest cryptocurrency has been experiencing a slight price decline, losing 2.5% of its value in the past week. As of this writing, the Ether token changes hand at $1,892.65, with a negligible 0.2% gain in the last 24 hours. Ethereum Registers $383 Million Worth Of ETH In CEX Inflows According to data from IntoTheBlock, Ethereum witnessed the largest inflows into centralized exchanges in the past two months. The data analytics platform found that at least $383 million worth of ETH was deposited into these exchanges. IntoTheBlock also revealed that a significant percentage of the CEX inflows came from a single address and in a single transaction. This deposit came from an old wallet that accumulated 61,216 ETH during the Ethereum Initial Coin Offering (ICO). This pre-mine wallet had been dormant for eight years, with its constituent ETH worth more than $116 million untouched. On Wednesday, July 19, this address became activated, and its stash of Ether tokens was abruptly moved to another address associated with the Kraken exchange. Data from Whale Alert shows that a significant amount of Ether tokens has been transferred to crypto exchanges by several whales over the past week. Notably, more than 200,000 Ether tokens have been transferred to Coinbase in separate transactions within this period. Indeed, the movement of massive amounts of ETH to centralized exchanges can signal impending selling pressure, which can drive the asset’s price down. However, not all large transfers to an exchange precipitate a downward price movement, as the whales might not intend to sell immediately or all at once. Total ETH Staked Reaches All-Time High The Ethereum network has been experiencing a steady increase in the total amount of ETH staked on the blockchain. According to data from IntoTheBlock, this figure has reached $52.3 billion, representing its highest value ever. The data analytics company also noted that with an increasing amount of staked ETH, the Ethereum blockchain is bound to become even more secure, as there will be a corresponding decrease in the risk of the network being taken over by a single entity.  It is worth noting that this surge in staking activity can be linked to the successful launch of the Shapella upgrade. The Shapella upgrade offered a new dimension to ETH staking, as investors can now lock and unlock their assets at will. This increased flexibility eliminated a substantial portion of risk that has been attributed to ETH staking in the past. ETHUSD trading at $1,886.82 | Source: ETHUSD daily chart from TradingView Featured image from Getty, chart from TradingView Opeyemi Sule Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies. Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it. Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger. When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix. Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K. Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that. Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings. Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better. Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world. Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.