Wintermute deposited 61,847 ETH worth $160.3 million into Binance and Coinbase, triggering sharp volatility in the Ethereum market. Despite this large deposit, the Exchange Supply Ratio fell to 0.125 after ten consecutive days of decline, reaching levels not seen since 2016. However, 196 whales were distributing ETH compared to only 125 accumulating, creating persistent selling pressure weighing on the price. At $2,524 at press time, Ethereum found itself caught between shrinking immediately sellable supply and continued large-holder selling. Continued whale distribution could push ETH toward $2,300, while a return of demand could allow a push toward $2,800.
Source: Read the original article
