More Than 8000 ETH Transferred to Crypto Exchanges By Ethereum Holders

Ethereum holders have transferred a massive amount of ETH tokens to cryptocurrency exchanges. According to a report from CryptoQuant, more than 8000 ETH tokens were moved to digital currency exchange recently. This gargantuan amount was transferred right before the price value of the second-ranked digital currency dropped down from its key resistance level.

The team at CryptoQuant reported in a tweet that Ethereum (ETH) exchange inflow mean for all cryptocurrency exchanges reached 8170 on Monday.  This shows that holders sent a total of 8170 ETH to digital asset exchanges. This massive amount is worth approximately $3.1 million as per the current price value of ETH that stands at around $3.83.

Out of these tokens, 4000 in ETH were then transferred to the leading digital currency exchange Binance. This transaction took place twenty minutes before the downturn of Ethereum (ETH) occurred in the cryptocurrency market.

Shortly after this transfer took place, the native cryptocurrency of the world’s second-largest blockchain ETH witnessed a significant drop. The price of ETH plummeted from $404 to $370 within the duration of just six hours. This drop might have occurred because of this transfer as apparently, it seems.

Following this transfer, the coin has slightly turned bearish and has lost its momentum. ETH is now trying to gain its momentum once again. After dropping all the way down to $370, it has now slightly recovered. At the press time, the price of ETH is standing at around $383 with a negative change rate of 0.26 percent in the last 24 hours. As soon as ETH breaks above $400, it will once again come into its momentum.

On the other hand, transaction fees on the Ethereum network decreased down in the month of October. The blockchain analytics company Glassnode has shared a new report according to which Ethereum transaction fees dropped down by approximately 65 percent last month as compared to September. In Sept, users paid more than $166 million in transaction fees. It was a record monthly tally for the Ethereum network. However, this tally has decreased down to approximately $57.50 million in October.