Over $1 Billion in Ethereum (ETH) in 24 Hours, What Happened?

Crypto whales have started to make big moves with Ethereum (ETH) at a time when the coin has been moving sideways. The price movement of ETH has remained stagnant in the last few weeks, with no signs of an upward trend. However, these large holders appear to be taking advantage of the current situation as they are apparently buying the dips.

The broader crypto market has been in a consolidation phase for some time now. According to CoinMarketCap, the global crypto market cap is down 1.0% over the last day and is currently at the $2.09 trillion level. Bitcoin (BTC), the largest crypto on the market, has also fallen below the crucial $60,000 price range.

Ethereum, on the other hand, has failed to clear the resistance at $2,700. As of now, it is trading at $2,510, after a decrease of 2.41% over the last 24 hours. The daily trading volume of ETH has also suffered during this time, as it has fallen 16.11% to $13.7 billion only. Simultaneously, the market cap of the leading altcoin is down 2.13% to nearly $301 billion.

Ethereum whales make big moves

Amid the ongoing fear and uncertainty on the crypto market, large ETH holders have injected optimism into the community. As per CryptoQuant, Ethereum saw a huge surge in exchange outflows on Thursday. Notably, a whopping 523,549 coins were offloaded from major crypto exchanges. At an average price of $2,527, these coins are worth around $1.32 billion.

Such a major rise in exchange withdrawals is typically a positive development for the altcoin. As mentioned above, these whales are likely buying the dips as they anticipate a trend reversal in the coming days. This buying spree from the large holders injects bullish momentum into the market as it can trigger a rally for the ETH price.