{"id":421391,"date":"2024-09-07T22:30:26","date_gmt":"2024-09-07T17:00:26","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=421391"},"modified":"2024-09-07T13:59:16","modified_gmt":"2024-09-07T08:29:16","slug":"ethereum-examining-why-these-institutions-dumped-123m-in-eth","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/ethereum-examining-why-these-institutions-dumped-123m-in-eth\/","title":{"rendered":"Ethereum &#8211; Examining why these institutions dumped $123M in ETH"},"content":{"rendered":"<ul>\n<li><em><span style=\"font-weight: 400;\">ETH\u2019s RSI formed a bullish divergence on the daily timeframe<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">53.88% of top traders now hold long positions, while 46.12% hold short positions<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">In light of the bearish market, <a href=\"https:\/\/ambcrypto.com\/category\/ethereum-news\/\" target=\"_blank\" rel=\"noopener\">Ethereum (ETH)<\/a>, the world\u2019s second-largest cryptocurrency, is being continuously dumped by institutions and whales. This has resulted in notable price drops on the charts. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">In fact, according to a post on X (Previously Twitter), institutions dumped a significant 55,035 ETH worth $123 million to Binance, during the Asian trading hours.\u00a0<\/span><\/p>\n<h2>Institutions offload millions worth of ETH<\/h2>\n<p><span style=\"font-weight: 400;\">The on-chain analytics platform revealed that the institutions involved were <a href=\"https:\/\/x.com\/OnchainDataNerd\/status\/1832259648294129998\">Wintermute<\/a>, a leading algorithmic trading firm, and <a href=\"https:\/\/x.com\/lookonchain\/status\/1832252708700430640\">Metalpha<\/a> a digital asset manager.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Together, they dumped 46,947 ETH worth $104.74 million and 8,088.8 ETH worth $18.05 million, respectively, in just two hours. This significant dump has the potential to impact the altcoin&#8217;s price.<\/span><\/p>\n<h3>Potential reason behind the recent dump<\/h3>\n<p><span style=\"font-weight: 400;\">The potential reasons behind this dump are the ongoing bearish market sentiment, the sustained rise in exchange ETH reserves, and the decline in Futures Open Interest for three consecutive months.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to CryptoQuant, Ethereum exchange reserves have been continuously rising since 28 August. This means that either whales, investors, or institutions may be moving their assets to exchanges for a potential sell-off.\u00a0<\/span><\/p>\n<figure id=\"attachment_421392\" aria-describedby=\"caption-attachment-421392\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Ethereum-Exchange-Reserve-All-Exchanges.png\"><img decoding=\"async\" class=\"wp-image-421392 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Ethereum-Exchange-Reserve-All-Exchanges.png\" alt=\"Ethereum Exchange Reserve - All Exchanges\" width=\"2560\" height=\"1440\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Ethereum-Exchange-Reserve-All-Exchanges.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Ethereum-Exchange-Reserve-All-Exchanges-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Ethereum-Exchange-Reserve-All-Exchanges-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Ethereum-Exchange-Reserve-All-Exchanges-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Ethereum-Exchange-Reserve-All-Exchanges-1536x864.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Ethereum-Exchange-Reserve-All-Exchanges-2048x1152.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Ethereum-Exchange-Reserve-All-Exchanges-1200x675.png 1200w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-421392\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">CoinGlass\u2019s exchange Futures Open Interest has been continuously falling too. This underlined either the liquidation of long positions or the expiry of Futures contracts, with no new positions being built.<\/span><\/p>\n<figure id=\"attachment_421394\" aria-describedby=\"caption-attachment-421394\" style=\"width: 1717px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/knmm.png\"><img decoding=\"async\" class=\"wp-image-421394 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/knmm.png\" alt=\"exchange futures open interest \" width=\"1717\" height=\"607\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/knmm.png 1717w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/knmm-300x106.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/knmm-1024x362.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/knmm-768x272.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/knmm-1536x543.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/knmm-1200x424.png 1200w\" sizes=\"(max-width: 1717px) 100vw, 1717px\" \/><\/a><figcaption id=\"caption-attachment-421394\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Here, it&#8217;s worth pointing out that September is often considered a bearish month or a period of price correction for cryptocurrencies, before potentially skyrocketing in October.<\/span><\/p>\n<h2>Ethereum technical analysis and key levels<\/h2>\n<p><span style=\"font-weight: 400;\">According to a look at the price charts, Ethereum has retested its crucial support level of $2,140. Since late 2023, this level has acted as strong support for ETH. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, ETH\u2019s Relative Strength Index (RSI) formed a bullish divergence on the daily time frame, pointing to a trend reversal.\u00a0<\/span><\/p>\n<figure id=\"attachment_421395\" aria-describedby=\"caption-attachment-421395\" style=\"width: 1814px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/ETHUSDT_2024-09-07_13-19-39.png\"><img decoding=\"async\" class=\"wp-image-421395 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/ETHUSDT_2024-09-07_13-19-39.png\" alt=\"Ethereum technical analysis\" width=\"1814\" height=\"836\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/ETHUSDT_2024-09-07_13-19-39.png 1814w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/ETHUSDT_2024-09-07_13-19-39-300x138.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/ETHUSDT_2024-09-07_13-19-39-1024x472.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/ETHUSDT_2024-09-07_13-19-39-768x354.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/ETHUSDT_2024-09-07_13-19-39-1536x708.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/ETHUSDT_2024-09-07_13-19-39-1200x553.png 1200w\" sizes=\"(max-width: 1814px) 100vw, 1814px\" \/><\/a><figcaption id=\"caption-attachment-421395\" class=\"wp-caption-text\">Source: Tradingview<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Owing to the recent retest of support and the formation of a bullish divergence, there is now a high possibility that ETH&#8217;s price could soar by 25% or 30% to $2,500 or $2,550.<\/span><\/p>\n<h2>Bullish outlook by on-chain metrics<\/h2>\n<p><span style=\"font-weight: 400;\">On the shorter timeframe, ETH had some bullish indicators too.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">CoinGlass\u2019s ETH Long\/Short ratio, for instance, signaled bullish sentiment. According to the same, this ratio on a four-hour time frame stood at 1.168 at press time (A value above 1 indicates bullish sentiment).<\/span><\/p>\n<figure id=\"attachment_421396\" aria-describedby=\"caption-attachment-421396\" style=\"width: 1795px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/dknckdm.png\"><img decoding=\"async\" class=\"size-full wp-image-421396\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/dknckdm.png\" alt=\"ETH Long\/Short ratio\" width=\"1795\" height=\"473\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/dknckdm.png 1795w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/dknckdm-300x79.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/dknckdm-1024x270.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/dknckdm-768x202.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/dknckdm-1536x405.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/dknckdm-1200x316.png 1200w\" sizes=\"(max-width: 1795px) 100vw, 1795px\" \/><\/a><figcaption id=\"caption-attachment-421396\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">The data also revealed that while 53.88% of top traders held long positions, 46.12% held short positions.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Also, over the same period, total ETH Futures Open Interest increased by 1.80%. This highlighted the participation of traders as ETH revisited its strong support level.<\/span><\/p>\n<h3><b>Ethereum&#8217;s price performance\u00a0<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">At press time, <a href=\"https:\/\/ambcrypto.com\/predictions\/ethereum-price-prediction\" target=\"_blank\" rel=\"noopener\">ETH was trading near the $2,280-level<\/a>, following a decline of 2% in the last 24 hours. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Meanwhile, its trading volume over the same period skyrocketed by almost 100%, indicating higher participation from traders and investors.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>ETH&#8217;s price action has underwhelmed lately. What are institutions upto now?<\/p>\n","protected":false},"author":97,"featured_media":421413,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[32,66,3,4,20],"tags":[6427],"class_list":["post-421391","post","type-post","status-publish","format-standard","has-post-thumbnail","category-ethereum-news","category-new-news","category-news","category-social","category-trading-view","tag-ambcrypto"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Ethereum - Examining why these institutions dumped $123M in ETH - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Institutions dumped a significant 55,035 ETH, worth $123 million, to Binance. 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