Crypto investment firm Matrixport has triggered fresh debate after moving nearly $452 million worth of Ethereum into Binance and OKX while simultaneously withdrawing more than 2,300 Bitcoin valued at $272 million.
The transfers, flagged by on-chain tracker Lookonchain, have fueled speculation that the firm may be rotating from ETH into BTC amid shifting market sentiment.
The moves came just days after Ethereum surged to a new all-time high on August 22, supported by optimism around a dovish shift from the Federal Reserve and expectations of a September rate cut.
Despite the heavy selling pressure, ETH is holding above $4,700, with key support resting at $4,650. Analysts say maintaining that level could keep bulls in control, though a drop below might trigger a slide toward $4,000.
Some traders view Matrixport’s repositioning as simple portfolio balancing, while others warn it could weigh on Ethereum’s short-term performance. Large whale transfers often heighten volatility, even when fundamentals remain strong.
Bullish narratives around ETF approval hopes and ongoing network upgrades are keeping market confidence intact. Technical analysts also point to a “bull flag” pattern on Ethereum’s daily chart, which could pave the way for a breakout toward $5,500. Still, concerns linger that continued profit-taking by whales could delay that move.
For now, Ethereum remains resilient, but investors are watching closely to see if Matrixport’s activity signals a broader trend.
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Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/matrixport-dumps-452m-in-eth-is-a-bitcoin-pivot-underway/