Why Plus Token’s ETH Sales Aren’t As Big As They Seem

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.

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Understanding Plus Token Ethereum Transfers

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.

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.

Details of the Investigation

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.

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 Some of these funds were not transferred to Bidesk at all in 2021, while others were withdrawn but not transferred to Huobi.

Despite the clarity of Plus Token transfers, Ethereum has been facing selling pressure due to the activity of large holders or “whales.” On-chain data shows that dumping by these whales has increased.

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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, “0x60e,” which accumulated a large amount of ETH between 2016 and 2018.

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.

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