Ethereum (ETH) Dip Buying Spree: What FTX Binance Spat Could Lead To

Ethereum Buy The Dip Sentiment: The Ethereum (ETH) price was also affected with the FTX Binance spat over the last few days. However, retail traders and big whales are apparently anticipating a bull run in the near future. ETH price witnessed a sharp drop potentially due to news of depleting Ethereum holdings in FTX wallets. Whether the falling FTX token (FTT) price would lead to further drop in crypto prices remains to be seen.

Ethereum Dip Buying In Full Flow

On chain data suggests that all categories of Ethereum (ETH) holders are trying to accumulate and capitalize on the buy the dip trend. If the FTX Binance drama continues to unfold in coming days, it could also affect Ethereum buying activity. As of writing, ETH price stands at $1,445, down 8.43% in the last 24 hours, according to price tracking platform CoinMarketCap. The FTT price dropped by a staggering 41% compared to last week’s figures. As of writing, FTX Token price stands at $15.32, down 31.66% in the last 24 hours.

ETH Holder Distribution Following A Pattern

According to Santiment Insights, the Ethereum holders distribution is pointing to a clear case of buy the dip sentiment. It appears that Ethereum holders, across small, medium and large addresses, are focusing on buying the dip. Interestingly, it is the small holders with 0.01 to 10 ETH that are accumulating the most currently. This trend could potentially mean crypto investors trying to divert assets from altcoins to Ethereum, among other top cryptocurrencies. However, it remains to be seen if the bullish momentum is soon going to end.

“Taking profits from altcoins and moving back to blue chips could probably mean the end of the rally for some time.”

Earlier, it was found that over 90% of the Ethereum (ETH) holdings were dumped from the FTX main wallet. However, Sam Bankman-Fried clarified that FTX has enough assets to cover all client holdings.

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Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him out at [email protected]
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