The Ethereum (ETH) exchange rate in euros is falling due to large whale transfers.
Ethereum (ETH) price fell by almost 4% at the beginning of the week amid 73,224 whale transfers to Binance (79 million euros in total)
The main reason for the fall is that investors usually transfer cryptocurrencies to exchanges for further sale or for use as margin when trading derivatives.
“Beware of pressure from ETH sellers,” Lookonchain tweeted, noting the large influx to Binance.
According to Lookonchain, the address that transferred over 73,000 ETH to Binance was the same address that received 84,131 ETH last week from the Curve decentralized exchange (stETH) liquidity pool.
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