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Why Plus Token Ethereum Selloff Fears Not Big As It Seems?

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The transfer of Ethereum by the Plus Token wallets led to a major uproar on Satoshi Street on Wednesday. However, further investigation shows that the massive ETH transfer isn’t a matter of much concern about future liquidations.

Plus Token Ethereum Sell-Off Isn’t Coming

Yesterday’s report stated that the Plus Token wallets linked to China have moved large quantities of ETH after 3.3 years of dormancy. The crypto market turned a bit jittery expecting major liquidations for ETH moving ahead.

As per the investigation by EmberCN, a total of 789,534 ETH moved to the Bidesk exchange from multiple wallets in the period between June and September 2021. However, as the exchange turned bankrupt by the end of the year, these Ethereum moved to the crypto exchange Huobi. Reportedly, 268,843 ETH were routed to Bidesk via four specific deposit addresses.

The investigation also shows that 12 addresses that received Plus Token-related ETH in the last 30 hours have accumulated 25,757 ETH worth $63.1 million. Some of these ETH were never transferred to Bidesk in 2021, while others were withdrawn from Bidesk but not moved to Huobi.

ETH Whale Dumping Continues

Despite the clarity behind the Plus Token wallet transfers, the Ethereum price has come under selling pressure recently as the dumping by the Ethereum whales has picked up once again as per the on-chain data.

A giant whale has sent 5,000 ETH, valued at $11.6 million, to crypto exchange OKX a few hours before. Over the past month, the same whale has deposited a total of 38,501 ETH worth $129 million.

SpotonChain reported that these giant whale deposits are coming from a particular added “0x60e” which made a huge acquisition in the period between 2016 to 2018.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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