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Ethereum (ETH) falls again due to selling risk

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Ethereum (ETH) falls again after a whale moved 73,000 tokens of the asset on the Binance exchange. With assets deposited on the exchange, the risk of selling a large volume of assets increases.

The current market situation portends bleak prospects for the value of major assets in the crypto ecosystem. After the rapid failure of the FTX exchange, the cryptocurrency community is watching closely for any moves that could impact the future of the market. The movement of large amounts of assets has never gone unnoticed.But today it is more important than ever.

The blockchain researcher Lookonchain, reported in the early morning hours of today the movement of 73,224 ETH, about $85.6 million, into Binance portfolios. Typically, whales tend to move assets to centralized exchange houses when they have the intend to sell them or use them as margin for derivatives trading..

The massive influx of activity in exchange houses often increase the selling pressure for the asset, as noted by Lookonchain. Asset inflows are also usually synonymous with a time of increased volatility for the asset, which was the case in the early hours of today.

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The entry of assets into the protocol coincided with a rapid decline of nearly 4 percent for the value of ETH.which brought the business down to a value of about USD 1,162. The asset remained in this price range, trading at currently at about $1,157, down 4.7 percent in the past 24 hours..

Lookonchain also pointed out that the address that made the transfer to Binance is the same one that also withdrew 84,131 ETH from the staked-ether liquidity pool (stETH).from the DEX curve. This move was made last week, causing the protocol to lose much of its liquidity and drop to 0.97 ETH after the withdrawal. Currently, the value of stETH has risen again to 0.98, closer to the 1:1 value with ETH sought.

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