{"id":26235,"date":"2024-08-08T00:00:42","date_gmt":"2024-08-07T21:00:42","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=26235"},"modified":"2024-08-08T16:41:33","modified_gmt":"2024-08-08T13:41:33","slug":"why-plus-tokens-eth-sales-arent-as-big-as-they-seem","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/why-plus-tokens-eth-sales-arent-as-big-as-they-seem\/","title":{"rendered":"Why Plus Token\u2019s ETH Sales Aren\u2019t as Big as They Seem"},"content":{"rendered":"<p>Analysts have taken a deeper look into recent Ethereum transfers from Plus Token wallets, concluding that the situation is not as alarming as initially feared. Despite some concerns, the ETH price has remained relatively stable.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/why-plus-tokens-eth-sales-arent-as-big-as-they-seem\/#Understanding_Plus_Token_Ethereum_Transfers\" title=\"Understanding Plus Token Ethereum Transfers\">Understanding Plus Token Ethereum Transfers<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/why-plus-tokens-eth-sales-arent-as-big-as-they-seem\/#Details_of_the_Investigation\" title=\"Details of the Investigation\">Details of the Investigation<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Understanding_Plus_Token_Ethereum_Transfers\"><\/span>Understanding Plus Token Ethereum Transfers<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>News of significant Ethereum transfers from Plus Token wallets caused a stir in the crypto community on Wednesday. Initially, there were fears of major liquidations affecting the market. However, further investigation has revealed that these concerns may have been overblown.<\/p>\n<p>Recent reports have suggested that Plus Token wallets that have been dormant for more than three years are moving significant amounts of ETH. This initially caused tension in the market, with some fearing a wave of liquidations.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Details_of_the_Investigation\"><\/span>Details of the Investigation<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>According to EmberCN, between June and September 2021, approximately 789,534 ETH was transferred from various wallets to the Bidesk exchange. After Bidesk went bankrupt later that year, these funds were moved to the Huobi exchange. Specifically, 268,843 ETH was transferred to Bidesk via four deposit addresses.<\/p>\n<p>Furthermore, the investigation revealed that 12 addresses associated with Plus Token received 25,757 ETH worth $63.1 million in the past 30 hours. Some of these funds were not transferred to Bidesk at all in 2021, while others were withdrawn but not transferred to Huobi.<\/p>\n<p>Despite the clarity of Plus Token transfers, Ethereum has been facing selling pressure due to the activity of large holders or \u201cwhales.\u201d On-chain data shows that dumping by these whales has increased.<\/p>\n<p><em>\u0130lginizi \u00e7ekebilir: <a href=\"https:\/\/coinengineer.net\/blog\/nyse-american-proposes-options-trading-for-grayscale-and-bitwise-ethereum-etfs\/\">NYSE American Proposes Options Trading for Grayscale and Bitwise Ethereum ETFs<\/a><\/em><\/p>\n<p>Recently, a notable whale sent 5,000 ETH worth $11.6 million to the OKX exchange. Over the past month, this whale deposited a total of 38,501 ETH worth $129 million. SpotonChain reported that these deposits originated from a specific address, \u201c0x60e,\u201d which accumulated a large amount of ETH between 2016 and 2018.<\/p>\n<p>While Plus Token wallet transfers initially raised concerns, further analysis suggests that the situation is not as dire as it seems. The recent sell-off on Ethereum appears to be driven more by whale activity than just Plus Token transfers.<\/p>\n<hr \/>\n<p><em>You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0<a href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Telegram,\u00a0<\/strong><\/a><a href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>YouTube<\/strong><\/a>,\u00a0and\u00a0<a href=\"https:\/\/twitter.com\/coinengineers\"><strong>Twitter<\/strong><\/a>\u00a0channels for the latest news and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Analysts have taken a deeper look into recent Ethereum transfers from Plus Token wallets, concluding that the situation is not as alarming as initially feared. Despite some concerns, the ETH price has remained relatively stable. Understanding Plus Token Ethereum Transfers News of significant Ethereum transfers from Plus Token wallets caused a stir in the crypto<\/p>\n","protected":false},"author":6,"featured_media":25320,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,2],"tags":[7746,7745,7743,7744],"class_list":["post-26235","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-news","tag-ethereum-move","tag-ethereum-whale-activity","tag-plus-token","tag-plus-token-ethereum"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Why Plus Token\u2019s ETH Sales Aren\u2019t as Big as They Seem - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/why-plus-tokens-eth-sales-arent-as-big-as-they-seem\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why Plus Token\u2019s ETH Sales Aren\u2019t as Big as They Seem - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"Analysts have taken a deeper look into recent Ethereum transfers from Plus Token wallets, concluding that the situation is not as alarming as initially feared. 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