Ethereum, a leading cryptocurrency, has recently seen significant activity in the broader crypto market following a major transaction. Paradigm, an institutional liquidity network, has reportedly transferred a large amount of Ethereum to Coinbase, one of the world’s top crypto exchanges. This move has attracted considerable attention from global crypto market enthusiasts, especially as it coincided with a drop in the token’s price.
Despite Ethereum’s price briefly trading in the green, sparking market optimism, the price quickly fell following the emergence of this transaction, leading to a flurry of speculation about the cryptocurrency’s future.
According to on-chain metrics platform Lookonchain, Paradigm deposited 6,500 ETH, valued at $14.67 million, to Coinbase on January 6, 2024. Interestingly, Paradigm acquired these ETH at remarkably low prices. Past market data suggests that Paradigm tends to mirror smart money addresses, accumulating large amounts of ETH during bearish market periods and selling them during bullish markets. In line with this, the ETH deposit made today was acquired at a price low when ETH was valued at less than $500. Now, with the price exceeding $2,200, Paradigm seems to have sold the aforementioned amount of ETH to Coinbase, making significant profits.
At the time of writing, Ethereum’s price has seen a slight decrease of 0.81% over the past 24 hours, currently trading at $2,236. This dip is further compounded by a weekly drop of 2.83%, followed by a monthly decline of 1.66%. Despite the price briefly trading in the green today, attracting significant attention from global crypto market traders and investors, it soon began to fall, coinciding with Paradigm’s large-scale sell-off.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | negative |
| Relevance Score | 1 |
| People | None |
| Companies | OpenAI, Lookonchain, Coinbase, Microsoft, Paradigm |
| Currencies | Solana, Ethereum |
| Securities | None |
