ETH Price Increase Stops After Whale Ceases Circle Withdrawals
- Lookonchain posted about a mysterious fund pouring money into the crypto market.
- The account ceased withdrawing funds from Circle on February 16, after which the price of ETH also stopped rising.
One of the cryptocurrencies in the red for today is the largest altcoin by market cap, Ethereum (ETH). According to the crypto market tracking website CoinMarketCap, ETH is currently worth about $1,653.49 after a 0.92% drop in price over the last 24 hours. The crypto reached a high of $1,671.13 and a low of $1,632.57 over the same time period.
ETH’s lackluster performance over the last day did have an effect on the altcoin’s weekly performance as the altcoin is also still down by 0.07% over the last week. ETH did, however, strengthen against its biggest competitor in the market, Bitcoin (BTC), by about 1.28% over the last day.
ETH’s 24-hour trading volume is also in the red zone and currently stands at $8,393,890,281 after a more than 4% decrease since yesterday. In terms of market cap, ETH stands at $8,393,890,281.
In related news, the on-chain analysis platform Lookonchain took to Twitter today to share some interesting metrics about ETH. In a previous post made on February 16 of this year, Lookonchain posted about a mysterious fund pouring money into the crypto market despite the prices of BTC and ETH dropping.
This address withdrew about 155 million USDC from Circle and then transferred it to exchanges since February 10. In their newest post, Lookonchain made an interesting observation about these transactions.
According to the post, the fund ceased withdrawing funds from Circle on February 16. This is very interesting as the price of ETH also stopped rising after this happened.
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