- More than 45,000 ETH was deposited on the exchange on April 8th
- ETH fell by more than 1%.
Ethereum [ETH] Prices rose at the close of trading on April 8th. This price spike coincided with increased currency inflows as Alameda seized the opportunity to leverage its holdings.
Alameda further scraps Ethereum
Recent data tracked spot on chain FTX's Alameda Research has announced that it has deposited Ethereum on the Coinbase exchange. The data shows that Alameda deposited 4,000 ETH, worth about $14.7 million, when ETH was trading at about $3,688.
This deposit coincided with a rise in ETH prices, marking Alameda's biggest move since February.
FTX and Alameda deposited over 21,000 ETH, totaling over $72 million. Alameda’s recent moves mirror the pattern observed in the market on February 8th, which featured significant inflows of ETH into the exchange.
Traders take advantage of Ethereum’s rise
Exchange Netflow data analysis revealed that Ethereum experienced its highest transaction flow of the month on April 8th. Additionally, the analysis showed that ETH inflows are predominant, with more traders parking their holdings on exchanges.
The chart shows more than 45,000 ETH deposited on these exchanges on April 8th, suggesting that like Alameda, other traders were taking advantage of the rise in ETH prices.
Source: CryptoQuant
However, at the time of writing, the tide has reversed and more spills have been recorded. Over 35,000 ETH has been withdrawn from the exchange so far. This move can be attributed to the slight decline in ETH price at the time of writing.
ETH falls by 1%
On April 8th, Ethereum witnessed a significant surge, marking its biggest rally in history. Analysis of the daily timeframe chart reveals that ETH rose by around 7% to close at around $3,694.
At the same time, the volume chart showed that ETH volume increased significantly, reaching over $19 billion as the price soared.
Source: Trading View
At the time of writing, the price of ETH had experienced a slight decline of more than 1%, but still remained within the $3,600 range.
Read Ethereum (ETH) price prediction for 2024-25
Despite this decline, Ethereum maintained its current bullish trend as shown by the Relative Strength Index.
Moreover, analysis of its quantity showed an increase. At the time of this writing, that amount was over $20 billion, reflecting ongoing market activity and investor interest in Ethereum.
