Vitalik Buterin has deposited a substantial amount of 200 ETH, which is equivalent to $530,000, into the Kraken crypto exchange.
The cryptocurrency market has experienced a substantial decline in the past 24 hours, with Bitcoin [BTC] and Ethereum [ETH] being among the most notable examples.
During the market decline, on August 15th, on-chain analytic firm Spot On Chain published a post on X (formerly Twitter) indicating that Ethereum co-founder Vitalik Buterin had transferred a substantial quantity of ETH to Kraken.
It is worth noting that Vitalik deposited a considerable 200 ETH, which is equivalent to $530,000, into the Kraken cryptocurrency exchange. Additionally, this marks Vitalik’s inaugural deposit to a centralized exchange (CEX) in 2024.
These deposits can have a significant impact on the industry, as crypto titans like Vitalik have a significant influence on the overall market.
Nevertheless, the Ether quantity was comparatively low, and it is unclear whether it was intended for donation, staking, or selling.
Alternately, Vitalik has recently transferred more than 3,200 ETH, which is equivalent to $8.32 million, to two new multisig wallets that are potentially available for donation.
ETH was trading at approximately $2,620 at the time of publication, and it had experienced a price decline of more than 4% in the previous 24 hours. Nevertheless, its Open Interest decreased by 4%, suggesting that investors and speculators were less interested in the asset.
Coinglass, an on-chain analytic firm, reported that the ETH’s main liquidation levels were roughly $2,596 on the lower side and $2,686 on the higher side as of press time.
The liquidation of roughly $163 million in short positions will occur if the sentiment remains unchanged and ETH descends to the $2,596 level.
In contrast, the liquidation of nearly $240 million in long positions will occur if the sentiment shifts and the price rises to the $2,686 level.
Based on the existing circumstances, it appears that ETH is adverse. While on August 14, experienced investor Peter Brandt shared a bearish view for ETH based on fundamental analysis at both the higher and hourly levels.
Peter indicated an unfavorable trade in a post on X, setting a $1,651 target and $2,961 as a stop-loss. During the current adverse market sentiment, this post has garnered substantial attention from the crypto community.
Also Read: UEFA Champions League Acknowledges Crypto.com as its inaugural global cryptocurrency partner
Wallets