The other day, I found an interesting pattern in chain monitoring data. Wallets related to Metalpha are sending a large amount of ETH to a certain major exchange. That’s 8,771 ETH—nearly $20 million. The fact that these kinds of large transactions are continuing likely means big investors are trying to find the right timing to sell ETH. From the perspective of someone watching the market, these on-chain fund movements are important signals. Since the way big players move can change the flow of the market, it looks like a situation where I won’t be able to take my eyes off it for a while.

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