Giant Whale Movement! A suspected Matrixport address has just transferred 9,300 ETH to Bitget, valued at approximately 16.59 million USD!!!
This action releases signals that cannot be ignored: such large transfers, especially into exchanges, often indicate that there may be cashing out or selling pressure in the future. If it were internal fund allocation, a public path would typically not be chosen. As a well-known cryptocurrency financial platform in the industry, the fund movements of Matrixport are often seen as a reflection of institutional trends.
ETH is currently at a critical stage for spot ETF approvals, and it is possible that some institutions may choose to lock in profits before the “shoe drops.” This hedging operation may cause emotional disturbances in the market in the short term, especially in the current phase of market indecision, which is more likely to amplify volatility.
If subsequent on-chain data shows that this batch of ETH is being sold, it could exert temporary pressure on the ETH price. For retail investors, it is crucial to pay attention to whether the key support at 3,100 USD holds in the short term. Once the market confirms that these chips are just repositioning rather than liquidating, ETH may still have upward potential.
The big players are taking action first, and market sentiment is at a turning point. It is not advisable to blindly chase prices high at this moment, nor to easily cut losses; wait for clearer signals before taking action, for more stability.
