Crypto bettors are speculating about another rate cut, with Polymarket showing a near-even split: 43% expecting a 50 bps cut and another 48% anticipating a 25 bps reduction.
Ongoing sell-offs may threaten retail investor confidence and market stability.
Ethereum has recently come under the spotlight as crypto enthusiasts raise worrying questions about its fading popularity.
The supply of Ethereum on centralized exchanges has remained stagnant since March this year, despite the approval of US spot Ether ETFs.
Binance’s rebuttal comes amid growing frustration over the stolen funds.
The upcoming testimony of the US SEC Commissioners might involve talks about Ethereum and its securities status.
Meanwhile, the whale is not alone in this wave of large ETH movements. In the last 24 hours, two other Ethereum whales have also moved substantial amounts of ETH to Coinbase, likely preparing to sell.
Ethereum’s value relative to BTC has declined 53% since the Merge in September 2022.
Ethererum’s current funding rate, approximately 0.0056%, has returned to levels seen in September 2023, after which the ETH price has reached 166% in six months.
Institutional staking firm Attestant said that Ethereum could grab some of this mindshare through a mix of better value proposition and refined marketing.
Buterin’s actions come at a time when Ethereum whales, large holders of the cryptocurrency, are also making significant moves.
Benjamin Cowen foresaw ETH price dropping to $1200 as the 2024 pattern mirrored 2019 trend.
The Buterin-linked wallet has transferred 760 ETH in exchange for 1.835 million USDC at an average price of $2,414 per ETH.
Ethereum price has suffered bearish sentiment in the past five months amid a low accumulation rate from institutional investors as observed by spot Ether ETF cash flows.
Following the Ethereum ETF launch, the average 5% market depth for ETH pairs on US-based centralized exchanges has dropped by 20% and currently stands at around $14 million.