$ETH -> CEX on 4/26?

    How do recent ETH deposits into centralized exchanges (CEXs) on Ethereum, Arbitrum, and Optimism compare, and what potential market implications could they have?

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    On April 26, 2023, the largest amount of ETH was transferred to centralized exchanges from the Ethereum chain, with a total of 768,591.667111724 ETH. The Optimism chain had the smallest amount of ETH transferred to CEXs, with a total of 10,023.100987558 ETH.

    The Arbitrum chain falls in between, with a total of 24,655.997611199 ETH transferred to CEXs. This data suggests that the Ethereum chain has the highest level of activity in terms of ETH transfers to CEXs, while Optimism has the lowest.

    It can be observed that Binance received the largest amount of ETH deposits among the listed CEXs, with a total of 354,826.04 ETH. Coinbase and Kraken followed with 193,375.91 ETH and 134,638.28 ETH, respectively.

    It is also notable that the remaining CEXs on the list received relatively smaller amounts of ETH deposits, with some receiving less than 1,000 ETH. This could suggest a concentration of ETH deposits among a few major CEXs.

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    The cryptocurrency market is known for its volatility, and monitoring large-scale transactions can provide valuable insights into market trends and potential price movements. In recent days, there has been an increase in activity from massive wallets depositing Bitcoin (BTC) and Ethereum (ETH) into centralized exchanges (CEXs). While there is an ongoing debate about whether these wallets belong to entities such as the US Government, MT Gox, or Jump trading, their actions could have significant implications for the market. This data analysis piece will focus specifically on ETH deposits to CEXs and examine the largest deposits and which CEXs were used on April 26, 2023. Additionally, we will look for any other major whale activities that may be worth noting. By analyzing this data, we hope to gain a better understanding of the current market conditions and potential price movements.

    April 26 was indeed the day with the highest CEX deposits, particularly on Ethereum with a total of 768,591.667111724 ETH deposited. However, we can also see that there were other days with high deposits, such as April 19 and 27, although Optimism deposits were the highest for the last 15 days. 90% of depositors made only a single deposit, while 9.5% made 2 or more.

    ETH deposits to CEXs peaked at 3:00 am UTC on April 26, which was hours before (3:00 pm) when prices tanked which were rumored to be massive sell-offs by some whales. This contradicts reports on social media that Jump trading sold because of false alerts that U.S government was about to sell.

    • 0x28c6c06298d514db089934071355e5743bf21d60 is a Binance Address
    • 0x210b3cb99fa1de0a64085fa80e18c22fe4722a1b is an Unknown Whale
    • 0xc7bf35c9a3bdd1b1c19a6963de669cb45191a019 is an Unknown Whale
    • 0x39de03d84ed787cd592a8fe18623765cb8a89803 also an Unknown Whale
    • 0xdee4bb5fdcf424af8b786245e12de1d46b3bd6b9 is also an Unknown Whale

    These were the whales (large balance) that contributed to the majority of deposits to CEXs. The Binance address was obviously moving funds to balance internal wallets, or users moving funds from Binance to another CEX. But the other wallets are unknown whales which may be Jump or other crypto firms, but at this point, the identity behind the wallets cannot be determined.

    However, deposit times, counts, and amounts, show that whales sending ETH to CEX were independent pre-meditated moves and not based on social media sentiment.