Remarkable developments are occurring in the cryptocurrency market. According to on-chain data, Trend Research deposited a total of 73,588 Ethereum ($ETH) was sent to Binance cryptocurrency exchange within the last 24 hours.
The total value of these transfers is estimated to be approximately $168.6 million, with the last transaction alone reportedly transferring $20,000. $ETH ($45.52 million) to the exchange.
According to the data, these large transfers made by Trend Research in the past 24 hours were for sales and loan repayments. The average investment price of $ETH The transfer the company made to Binance was calculated at $2,299.96. Considering current price levels, Trend Research’s estimated loss from these trades is approximately $59.19 million.
However, the company’s on-chain holdings are $598,342.35. $ETH has also experienced a significant decline in value. Based on current market conditions, these assets are estimated to represent approximately $495 million of unrealized losses.
Meanwhile, Liquid Capital founder Jack Yee also commented on the issue. Yee said he is currently one of the most pressured people in the market and admitted that it was a mistake to be prematurely optimistic about Ethereum after closing positions at peak levels. He said he believes Ethereum to be “undervalued” when it hovered around $3,000 while Bitcoin was trading at $100,000, adding that last cycle gains have been paid back and the size of the position will determine the investment approach.
Jack Yi said he expects the market to regain its upward trend by prioritizing risk management, adding that investing and trading are the most challenging areas in the sector. He also noted that investors within the sector tend to be optimistic at times.
*This is not investment advice.
