In a publication by X, the on-chain analysis platform Lookonchain drew the community's attention to these transfers, which occurred today. The wallets linked to the cryptocurrency company deposited 95,873 ETH (USD 452 million) in Binance and OKX.
The wallets linked to Matrixport also withdrew more than 2300 BTC (approximately $272 million) from Binance and OKX. Analysts attribute this to the exchange of ETH and BTC. This migration coincides with the migration to BTC in times of market uncertainty.
The transfers sparked debate about the effect of whale activity on price. While some believe in this portfolio balance, others are concerned that this could have a negative impact on ETH prices in the short term. The company has not issued any statements so far.
It is noteworthy that these transfers occur when the price of Ethereum rose to a new all-time high (ATH) on August 22. The ETH rally came after Jerome Powell indicated a moderate shift from the Fed, with a rate cut more than likely to occur in September.
Ethereum has remained strong despite whale activity. The price of ETH is trading at $4,741. The price is still trading above last week's low of $4,500, showing relative strength.
Technical experts emphasize that the current support zone is the value of 4,650. If Ethereum maintains the position above, the bulls could regain the position. A break below could indicate a weakening of sentiment.
Additionally, market confidence is based on growing optimism about ETFs and progress in the network upgrade. Still, large-scale transfers like those from Matrixport could add short-term volatility risk.