Ethereum's native token Ether (ETH) rose by more than 5% to reach its intraday high above $1,930 on May 30. Nonetheless, the ETH/USD pair risks facing another sell-off round due to concerns about a massive ETH inflow into an exchange.
58.7K Ether transferred to FTX in May
On May 30, the Ether address allegedly associated with Three Arrow Capital — a Singapore-based crypto hedge fund, sent 32,000 ETH worth $60 million to the FTX crypto exchange within a span of an hour, on-chain data shows.
The bulk transfer, which follows the fund's 26,700 ETH deposit to the same exchange earlier in May, raised suspicions that it would dump the Ether stash. That is primarily because, in theory, investors transfer crypto to their exchange wallets only when they want to sell them for other assets.
dump eeth? https://t.co/7xdI80P8rZ
— Tim Copeland (@Timccopeland) May 30, 2022
Nonetheless, the number of Ether held by exchanges continued to drop in May, according to on-chain data tracked by Glassnode.
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