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Ethereum sell-off fears rise as crypto hedge fund moves $60M ETH to an exchange

Published 05/30/2022, 02:27 PM
Updated 05/30/2022, 04:00 PM
Ethereum sell-off fears rise as crypto hedge fund moves $60M ETH to an exchange
ETH/USD
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Ethereum's native token Ether (ETH) rose by more than 5% to reach its intraday high above $1,930 on May 30. Nonetheless, the ETH/USD pair risks facing another sell-off round due to concerns about a massive ETH inflow into an exchange.

On May 30, the Ether address allegedly associated with Three Arrow Capital — a Singapore-based crypto hedge fund, sent 32,000 ETH worth $60 million to the FTX crypto exchange within a span of an hour, on-chain data shows.

Ethereum balance on exchanges. Source: Glassnode
ETH/USD four-hour price chart. Source: TradingView
ETH/USD weekly price chart. Source: Wolf/TradingView

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