Last Updated on January 6, 2024 by Bitfinsider
One of the most well-known cryptocurrencies in the world of digital assets, Ethereum, has lately garnered a lot of momentum in the larger crypto market as a result of a notable transaction on Saturday. Significant sums of ETH were dumped to Coinbase, one of the top cryptocurrency exchanges in the world, by Paradigm, an institutional liquidity network, according to on-chain data floating over the crypto horizon.
When the transaction appeared on the market during the token’s decline in value, the Ethereum dump to the previously stated CEX quickly attracted significant attention from enthusiasts of the cryptocurrency market worldwide. Ethereum’s price intriguingly moved briefly in the green today, boosting investor confidence. But as soon as the transaction entered the bitcoin scene, its price quickly dropped, igniting a flurry of speculative activity.
Lookonchain, a tool that streamlines on-chain measurements, released data today, January 6, 2024, indicating that Paradigm deposited 6,500 ETH, or $14.67 million, to Coinbase. Surprisingly, Paradigm acquired these ETH at exceptionally low prices.
Furthermore, historical market data indicates that Paradigm appears to be following the lead of smart money addresses, amassing enormous quantities of ETH in times of market gloom and then selling it in times of market optimism. In light of this, even the ETH deposit made today was made at a discount, with ETH being valued at less than $500. Now that the price has surpassed $2,200, it seems that Paradigm sold Coinbase the specified quantity of ETH, making a big profit.
As of this writing, the price of Ethereum is trading at $2,236 after slightly declining by 0.81% during the previous day. Additionally, this decline was mirrored by a subsequent weekly decline of 2.83% and a monthly decline of 1.66%.
Curiously, the price of today temporarily moved in the green, garnering a lot of interest from investors and dealers in the cryptocurrency space worldwide. But it immediately began to decline, coinciding with the large selloff at Paradigm at the same time.
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