$ETH mass-selling might be on the horizon, cryptoquant_com says, offering reasons. ethereum EthereumShanghai
In a recently published tweet, on-chain data aggregator CryptoQuant hinted that there are odds of an"ETH mass-selling event" coming soon.Reasons for a possible mass sell-off of Ethereum
CryptoQuant analysts believe that there are two main reasons for a potential Ethereum sell-off. The first is a drastic surge of inflows into the Ethereum 2.0 deposit contract, where funds are locked until the Shanghai hard fork. The amount of locked ETH in the contract now totals roughly 12% of the total Ethereum supply. Besides, the chart shows that the amount of depositors has been dropping low.
The latter, according to data published earlier by Ethereum, is due half a year after the Merge event, which took place in the middle of September — that is, in March 2023.The second reason is that Ethereum's supply on exchanges keeps plunging. CryptoQuant experts believe that the upcoming Shanghai hard fork is to become the major driver for the ETH sell-off as, among other things, it will make it possible to withdraw Ethereum staked since the launch of the contract in November 2020.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
CryptoQuant: On-Chain Data Shows Crypto Exchange Binance Isn't Exhibiting ‘FTX-Like’ BehaviorThe analytics firm found the exchange is almost entirely collateralized and diversified away from its proprietary token.
Read more »
CryptoQuant verifies Binance's reserves, reports no ‘FTX-like’ behaviorThe world’s largest crypto exchange is still at the center of a FUD-fest, but an independent analysis by CryptoQuant has backed its proof of reserves audit.
Read more »
Here's What Pushed ETH Back to Highest Level in 5 Weeks: SantimentRecently published on-chain data shows reason why Ethereum price has jumped back above $1,330
Read more »
Max Keiser Riles up XRP and ETH Community with Recent CommentsXRP, ETH community angered by Max Keiser's recent comments Max Keiser Crypto XRPCommunity Ethereum $ETH $XRP
Read more »
Ethereum (ETH) Price Analysis for December 14Can ETH keep yesterday's rise? crypto Ethereum ETH $ETH cryptoexchange VitalikButerin ethereum
Read more »
Shiba Inu's BONE up 10% as Price Gains Ground Against BTC and ETH, Here's WhyShiba Inu's BONE jumps 10% as price rises versus BTC and ETH $BTC $ETH Bitcoin Ethereum $BONE
Read more »