Ethereum
Over 150,000 ETH Moved To Exchanges In The Last 24 Hours: What’s Next For Ethereum?
Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.
His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn’t just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.
His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.
Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.
Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.
DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn’t a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.
Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa’s full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.
Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.
When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.
Ethereum is firm when writing but continues to underperform versus Bitcoin. Though ETH is floating above $2,400, and may even break above $3,000 in the coming years, the rapid strengthening of the world’s most valuable coin, on the other hand, might push the ETH/BTC ratio to multi-month lows.
ETH Struggling Versus Bitcoin, ETH/BTC Ratio Drops To A 40-Month Low
As of September 20, IntoTheBlock data reveals that ETH is trading at the lowest level versus Bitcoin in over 40 months. This trend clearly shows that the market, even with the engagement of institutions, is bullish on BTC.
Interestingly, ETH continues to underperform despite the approval of spot Ethereum ETFs for trading in July 2024. The approval of these complex derivatives allowed institutions to get exposure to the second most valuable coin within the law’s confines while not breaking the bank as they did.
Previously, institutions in the United States seeking to buy ETH could only do so by purchasing Grayscale ETHE shares. The problem is that fees were higher when the financial world didn’t know the regulatory status of ETH. Although nothing has changed, the approval of spot Ethereum ETFs, preventing issuers from staking coins bought by clients, was seen as a win.
The United States Securities and Exchange Commission (SEC) has yet to issue an official statement endorsing ETH as a commodity similar to Bitcoin. However, the Commodity Futures Trading Commission (SEC) has repeatedly stated that ETH is a commodity.
With ETH sliding versus BTC, IntoTheBlock analysts are convinced that institutional investors are confident of Bitcoin’s prospects. Specifically, they pointed to Bitcoin’s relative stability compared to Ethereum, an asset with a higher risk-reward profile.
Will Ethereum Find Support?
Even with this assessment, it should be noted that Bitcoin remains a transactional layer, riding on its first-mover advantage. On the other hand, Ethereum is the first smart contracts platform, and hosts various innovations ranging from DeFi, NFTs, and is now driving tokenization.
Earlier on, Larry Fink, the CEO of BlackRock, said real-world asset (RWA) tokenization, most of which is done on Ethereum, will rise to command a trillion in market cap. BlackRock has issued BUIDL, a product tokenizing United States Treasuries, on Ethereum.
It remains to be seen whether ETH will recover versus BTC. Looking at the daily chart, the trend appears to be shifting, at least in the immediate term. The double-bar bullish formation of September 18 and 19 has been confirmed today.
At the same time, ETH seems to be strengthening, turning the corner from the 61.8% Fibonacci retracement level of the 2020 to 2021 trade range.
- The Ethereum Foundation has sold a total of 950 ETH worth over $2.2 million in the past three weeks
- On September 20, the non-profit sold 300 ETH for over $760,000 as Ethereum’s price rose to above $2,500
The Ethereum Foundation has once again dumped more Ether tokens, this time offloading 300 ETH worth more than $760,000.
According to on-chain data, the foundation sold the 300 ETH for an average of $2,543 – which is a level that is 5% up on intraday lows of $2,440.
In recent days, the organization had stopped its selling spree. Before the brief lull, the Ethereum Foundation had become one of the top ETH holders to dump as prices stalled. But on September 20, the dump resumed.
Ethereum Foundation has sold Ether every four to seven days
On September 6, the Ethereum Foundation sold 100 ETH for $226,868. It’s a sale that brought the foundation’s increased selling across three weeks to 650 ETH, with these valued at about $1.5 million.
According to Spot On Chain, a on-chain insights platform, the non-profit organization has sold 950 ETH since the start of September. These sales amount to over $2.2 million, with the average sale price being $2,392.
The Ethereum Foundation has sold the native Ethereum token every four to seven, on-chain data shows.
The Ethereum Foundation has sold $ETH… again!
In the past 20 minutes, they sold another 300 $ETH for 763,092 $DAI.
Overall, since the beginning of September, the Ethereum Foundation has sold 950 $ETH ($2.27M) at an average price of $2,392, with sales occurring every 4-7 days.… https://t.co/tnF0vK1zgs pic.twitter.com/jloNPcoHqZ
— Spot On Chain (@spotonchain) September 20, 2024
In May 2024, the Ethereum Foundation sold 1,000 ETH for over $3 million, with year-to-date totals at the time reaching 1,766 ETH sold for over $4.8 million.
The latest dump comes after Ethereum’s price surged from under $2,200 levels reached earlier this month.
At the time of writing, ETH traded around $2,552, roughly 5% up in the past 24 hours and +8.5% in the past week.
These gains have come as Bitcoin’s price surged to above $63,000 after this week’s Fed moved to cut interest rate by 0.5%.
Earlier, CoinJournal highlighted that five Satoshi era Bitcoin wallets that had been dormant for 15 years, woke up and transferred 250 BTC.
- BingX’s hot wallet was hacked resulting in the theft of $43 million in cryptocurrencies
- Funds stolen included ETH, BNB, USDT, and over 300 other coins and tokens
- On-chain data shows the attacker quickly swapped most of the assets for Ethereum and BNB
BingX has been hacked, with the security breach resulting in the draining of $43 million from the Singapore-based cryptocurrency exchange’s hot wallet.
Blockchain security firm PeckShield reported on the exploit early Friday.
Etherscan data indicates that of the $43 million stolen, over $13.2 million was ETH, more than $2.3 million was BNB, and more than $4.4 million was USDT. The hacker also drained BingX’s hot wallet of 360 other coins – with these swapped into ETH and BNB at decentralized exchanges including Uniswap and KyberSwap.
BingX suspends withdrawals
Vivien Lin, CEO of BingX, confirmed the incident via an update posted on X.
Lin noted that the exchange’s technical team detected the breach around 4:00 am on September 20, identifying an “abnormal network access.” The BingX security team immediately initiated the platform’s emergency plans, including urgently transferring assets from the hot wallet and halting withdrawals, Lin noted.
“To ensure security, withdrawals have been temporarily suspended while we conduct an emergency inspection and strengthen wallet services,” Lin added. “We sincerely apologize for the inconvenience. Withdrawals will be restored within 24 hours at the latest.”
The BingX CEO also assured users that the exchange is safe.
Q3: Is the platform still safe?
Answer: The platform is operating normally, and you can continue trading, using grid strategies, and financial services as usual. Only the wallet is currently under maintenance. Your funds are safe, so please be patient while the wallet…— Vivien Lin @ BingX (@Vivien_BingX) September 20, 2024
According to BingX, the losses are “only minor” and that most of the users’ funds are in cold storage.
One of the biggest exploits on a crypto exchange in 2024 happened in July when hackers stole over $230 million from India-based cryptocurrency exchange WazirX. The attacker has managed to launder most of the funds, the latest being $6.5 million sent to Tornado Cash.
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