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Ethereum Founder to Sell $37 Million in ETH Before ETF Decision

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Recent significant Ethereum (ETH) transfers to cryptocurrency exchanges have caught the market’s attention. This move has raised speculation about potential profit-taking, portfolio rebalancing, or market speculation.

These developments coincide with the US Securities and Exchange Commission (SEC) nearing a decision on the Vaneck Ethereum exchange-traded fund (ETF), which has heightened expectations within the industry.

Investors Transfer ETH to Exchanges

Jeffrey Wilke, one of the founders of Ethereum, has transferred 10,000 ETH, worth around $37.38 million, to the cryptocurrency exchange Kraken. While the motive behind such a significant transfer is unclear, a few hypotheses can be derived from it.

  • Profit Taking: Wilke may be selling off his tokens to realize profits. This could be due to achieving his desired return on investment or anticipating a potential downturn in the market.
  • Rebalancing Portfolios: Wilke might be rebalancing his portfolios by selling some tokens and buying others. This could be based on changes in market conditions, project developments, or his investment strategy.
  • Market Speculation: Wilke might be speculating on short-term price movements or taking advantage of arbitrage opportunities between different cryptocurrency exchanges.
Jeffrey Wilke's Wallet Activity
Jeffrey Wilke’s Wallet Activity. Source: SpotOnChain

Whether Wilke aims to book profits, rebalance his portfolio, or speculate on the market, he appears not the only one. Looking at Ethereum’s balance on exchanges reveals a spike in the tokens available to sell.

  • Balance on Exchanges: This refers to the total amount of Ethereum held in cryptocurrency exchange wallets.

Over the last two weeks, more than 242,000 ETH have moved to cryptocurrency exchange wallets. This indicates increased trading activity on exchanges that can contribute to price volatility.

Ethereum Balance on Exchanges. Source: Glassnode

Ethereum ETF Approval Looms

The timing of these transfers is notable, as it aligns with today’s SEC final ruling regarding the Vaneck Ethereum ETF. Interestingly, on May 20, the SEC requested Nasdaq, CBOE, and NYSE to refine their applications for listing spot Ethereum ETFs, hinting at a potential approval of these filings.

In response to this regulatory development, Eric Balchunas and James Seyffart, ETF analysts at Bloomberg Intelligence, remarked that the likelihood of approval has substantially increased, shifting from only 25% to a considerable 75%.

“Hearing chatter this afternoon that the SEC could be doing a 180 on this increasingly political issue, so now everyone is scrambling. But again, we cap it at 75% until we see more, e.g., filing updates,” Balchunas wrote.

Read more: Ethereum ETF Explained: What It Is and How It Works

Ethereum ETF Approval Odds
Ethereum ETF Approval Odds. Source: Polymarket

Similarly, Polymarket, a decentralized prediction market platform that allows users to place bets on world events, shows a significant increase in approval odds, which have risen from 10% to 70% over the past 72 hours.

Warning Signal for Traders

Although industry leaders like Anthony Pompliano see the Ethereum ETF approval as an “approval of the entire industry” and as “the last dam to be broken,” traders must be cautious. The increasing ETH deposits to cryptocurrency exchange wallets hint at the possibility of a sell-off or a spike in profit-taking.

Meanwhile, the Tom DeMark (TD) Sequential indicator presents a sell signal on Ethereum’s daily chart.

  • TD Sequential Indicator: This is a technical analysis tool used to identify potential market trend exhaustion points and upcoming price reversals.
    • Setup Phase: This involves counting a series of nine consecutive price bars, where each bar closes higher (for an uptrend) or lower (for a downtrend) than the bar four periods earlier.
    • Countdown Phase: Following the setup phase, a countdown begins where a series of thirteen additional price bars are counted if they close lower (in a downtrend) or higher (in an uptrend) than the close two bars earlier.

The current green nine candlestick on the daily chart suggests that a spike in selling pressure could see Ethereum retrace for one to four daily candlesticks or even start a new downward countdown phase before the uptrend resumes.

Ethereum Price Analysis
Ethereum Price Analysis. Source: TradingView

Despite the bearish signals seen from an on-chain and technical perspective, the In/Out of the Money Around Price (IOMAP) indicator suggests that Ethereum is above significant areas of support that could hold in the event of a correction.

  • IOMAP: This metric helps analyze and visualize the distribution of holders’ positions relative to the current price. It helps understand the potential support and resistance levels based on the number of addresses holding a particular cryptocurrency at different price levels.
    • In the Money: Refers to addresses that acquired the cryptocurrency at a price lower than the current market price, indicating potential support levels as holders are likely to sell at a profit.
    • Out of the Money: Refers to addresses that acquired the cryptocurrency at a price higher than the current market price, indicating potential resistance levels as holders might want to break even or minimize losses.

Based on the IOMAP, over 1.81 million addresses bought around 1.66 million ETH between $3,820 and $3,700. This demand zone could keep Ethereum’s price at bay amid increasing selling pressure. But if it fails to hold, the next key area of support is between $3,580 and $3,462, where 3.13 million addresses purchased over 1.50 million ETH.

Read more: Ethereum (ETH) Price Prediction 2024/2025/2030

Ethereum's IOMAP
Ethereum’s IOMAP. Source: IntoTheBlock

On the other hand, the most important resistance barrier for Ethereum is between $3,940 and $4,054. Here, over 1.16 million addresses had previously purchased around 574,660 ETH.

If Ethereum overcomes this hurdle and prints a daily candlestick close above $4,170, the bearish outlook will be invalidated. This could result in a new upward countdown phase toward $5,000.

Summary and Conclusions

Ethereum co-founder Jeffrey Wilke’s recent transfer of 10,000 ETH to Kraken is indicative of broader market activities, where investors are moving significant amounts of ETH to exchanges. This trend aligns with increased trading activity, suggesting potential profit-taking, portfolio rebalancing, or market speculation among Ethereum holders. The balance of ETH on exchanges has spiked, indicating a potential rise in market volatility.

This market movement comes at a critical time, as the SEC is about to make a final ruling on Vaneck’s Ethereum ETF. Analysts have noted a substantial increase in the likelihood of approval, which has surged from 25% to 75%. Such regulatory developments are seen as a positive signal for the broader cryptocurrency market, potentially paving the way for further institutional investment.

Read more: How to Buy Ethereum (ETH) and Everything You Need to Know

Despite technical indicators suggesting a possible short-term bearish trend, the IOMAP indicator shows strong support levels for Ethereum. This suggests that while there may be short-term corrections, the underlying demand for Ethereum remains robust. Long-term holders appear confident, continuing to accumulate ETH, which bodes well for its future price stability and growth.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Binance Faces Community Backlash and Boycott Calls

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Controversies surrounding token listings, the depegging of the FDUSD stablecoin, and allegations of unethical behavior have raised a crucial question: Is Binance losing its credibility?

These issues threaten to erode trust and challenge Binance’s standing in the crypto industry.

Binance Struggles to Meet the Standard

One of Binance‘s most pressing issues is the poor performance of the tokens listed on the exchange. As BeInCrypto reported earlier, 89% of the tokens listed on the platform in 2025 recorded negative returns.

Even more concerning, another report reveals that most of the tokens listed in 2024 also experienced negative performance.

Listing on Binance was once considered a “launchpad” for new projects. However, it no longer guarantees success.

A prime example is the ACT token, a meme coin listed on the exchange that quickly plummeted. Earlier this week, Wintermute—a major market maker—dumped a large amount of ACT, exerting strong downward pressure on its price and raising concerns about the transparency of Binance’s listing process.

Such criticism has led the community to believe Binance prioritizes listing fees over users’ interests.

Connection to FDUSD

The FDUSD stablecoin has also become a focal point of controversy, with Binance at its center. FDUSD lost its peg, dropping to $0.89 after reports surfaced that its issuing company had gone bankrupt.

Wintermute, one of the largest FDUSD holders outside of Binance, withdrew 31.36 million FDUSD from the exchange at 11:15 AM UTC. This move is believed to have exacerbated the depegging situation, sparking panic in the market.

More concerning, a community member claimed that some Binance employees leaked internal information about the FDUSD incident so they could select whale chat groups.

If true, this would severely damage Binance’s reputation and raise major questions about the platform’s transparency and ethics.

Overall, the community’s dissatisfaction is growing, with many users calling for a boycott of the exchange. Such negative reactions are shaking user confidence in the platform, which was once considered a symbol of credibility in the crypto space.

“Binance today caused massive liquidations on alts listed on their exchange. I warned you all yesterday about their very dirty tactics, specifically GUN. I refuse to use Binance #BoycottBinance,” wrote popular crypto YouTuber Jesus Martinez.

These accusations stem from a central issue that Binance prioritizes profits over user interests. Over the past few months, the community has constantly criticized its listing strategy, arguing that the exchange focuses on “shitcoins” to collect high listing fees without considering project quality.

Although the exchange recently introduced a community voting mechanism to decide on listings, this might not be enough to silence the criticism.

As a Tier-1 exchange, the company is evaluated based on trading volume, security, regulatory compliance, and community trust. However, recent events suggest that the exchange is struggling to maintain these standards.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.





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Stellar (XLM) Falls 5% as Bearish Signals Strengthen

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Stellar (XLM) is down more than 5% on Thursday, with its market capitalization dropping to $8 billion. XLM technical indicators are flashing strong bearish signals, suggesting continued downward momentum that could test critical support levels around $0.22.

While a reversal scenario remains possible with resistance targets at $0.27, $0.29, and $0.30, such an upside move would require a substantial shift in market sentiment.

XLM RSI Shows Sellers Are In Control

Stellar’s Relative Strength Index (RSI) has dropped sharply to 38.99, down from 59.54 just two days ago—signaling a notable shift in momentum.

The RSI is a widely used momentum oscillator that measures the speed and magnitude of recent price changes, typically ranging between 0 and 100.

Readings above 70 suggest overbought conditions, while levels below 30 indicate oversold territory. A reading between 30 and 50 often reflects bearish momentum but is not yet extreme enough to trigger an immediate reversal.

XLM RSI.
XLM RSI. Source: TradingView.

With Stellar’s RSI now below the key midpoint of 50 and approaching the oversold threshold, the current reading of 38.99 suggests that sellers are gaining control.

While it’s not yet in oversold territory, it does signal weakening buying pressure and increasing downside risk.

If the RSI continues to fall, XLM could face further price declines unless buyers step in soon to stabilize the trend and prevent a slide into more deeply oversold levels.

Stellar CMF Heavily Dropped Since April 1

Stellar’s Chaikin Money Flow (CMF) has plunged to -10, a sharp decline from 0.19 just two days ago, signaling a significant shift in capital flow dynamics.

The CMF is an indicator that measures the volume-weighted average of accumulation and distribution over a set period—essentially tracking whether money is flowing into or out of an asset.

Positive values suggest buying pressure and accumulation, while negative values point to selling pressure and capital outflow.

XLM CMF. Source: TradingView.

With XLM’s CMF now deep in negative territory at -10, it indicates that sellers are firmly in control and substantial capital is leaving the asset.

This level of negative flow can put downward pressure on price, especially if it aligns with other bearish technical signals. Unless buying volume returns to offset this outflow, XLM could continue to weaken in the near term.

Will Stellar Fall To Five-Month Lows?

Stellar price action presents concerning signals as EMA indicators point to a strong bearish trend with significant downside potential.

Technical analysis suggests this downward momentum could push XLM to test critical support around $0.22. It could breach this level and fall below the psychologically important $0.20 threshold—a price not seen since November 2024.

This technical deterioration warrants caution from traders and investors as selling pressure appears to be intensifying.

XLM Price Analysis.
XLM Price Analysis. Source: TradingView.

Conversely, a trend reversal scenario would require a substantial shift in market sentiment. Should bulls regain control, XLM could challenge the immediate resistance at $0.27, with further upside targets at $0.29 and the key $0.30 level.

However, this optimistic outlook faces considerable obstacles, as only a dramatic sentiment shift coupled with the emergence of a powerful uptrend would enable such a recovery.

Until clearer bullish signals manifest, the prevailing technical structure continues to favor the bearish case.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Solana (SOL) Crashes 11%—Is More Pain Ahead?

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Solana (SOL) is under heavy pressure, with its price down more than 10% in the last 24 hours as bearish momentum intensifies across key indicators. The Ichimoku Cloud, BBTrend, and price structure all point to continued downside risk, with SOL now hovering dangerously close to critical support levels.

Technical signals show sellers firmly in control, while the widening gap from resistance zones makes a near-term recovery increasingly difficult.

Solana’s Ichimoku Cloud chart is currently flashing strong bearish signals. The price has sharply broken below both the Tenkan-sen (blue line) and Kijun-sen (red line), confirming a clear rejection of short-term support levels.

Both of these lines are now angled downward, reinforcing the view that bearish momentum is gaining strength.

The sharp distance between the latest candles and the cloud further suggests that any recovery would face significant resistance ahead.

SOL Ichimoku Cloud.
SOL Ichimoku Cloud. Source: TradingView.

Looking at the Kumo (cloud) itself, the red cloud projected forward is thick and sloping downward, indicating that bearish pressure is expected to persist in the coming sessions.

The price is well below the cloud, which typically means the asset is in a strong downtrend.

For Solana to reverse this trend, it would need to reclaim the Tenkan-sen and Kijun-sen and push decisively through the entire cloud structure—an outcome that looks unlikely in the short term, given the current momentum and cloud formation.

Solana’s BBTrend Signals Prolonged Bearish Momentum

Solana’s BBTrend indicator currently sits at -6, having remained in negative territory for over five consecutive days. Just two days ago, it hit a bearish peak of -12.72, showing the strength of the recent downtrend.

Although it has slightly recovered from that low, the sustained negative reading signals that selling pressure remains firmly in control and that the bearish momentum hasn’t yet been reversed.

The BBTrend (Bollinger Band Trend) measures the strength and direction of a trend using Bollinger Bands. Positive values suggest bullish conditions and upward momentum, while negative values indicate bearish trends.

SOL BBTrend.
SOL BBTrend. Source: TradingView.

Generally, values beyond 5 are considered strong trend signals. With Solana’s BBTrend still well below -5, it implies that downside risk remains elevated.

Unless a sharp shift in momentum occurs, this persistent bearish reading may continue to weigh on SOL’s price in the near term.

Solana Eyes $112 Support as Bears Test February Lows

Solana’s price has broken below the key $115 level, and the next major support lies around $112. A confirmed move below this threshold could trigger further downside. That could potentially push the price under $110 for the first time since February 2024.

The recent momentum and strong bearish indicators suggest sellers remain in control, increasing the likelihood of testing these lower support levels in the near term.

SOL Price Analysis.
SOL Price Analysis. Source: TradingView.

However, if Solana manages to stabilize and reverse its current trajectory, a rebound toward the $120 resistance level could follow.

Breaking above that would be the first sign of recovery, and if bullish momentum accelerates, SOL price could aim for higher targets at $131 and $136.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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