Analyst: ETH plunge split investors between selling and accumulation

On-chain analyst Darkfost has noted that investors were sharply divided in their response to Ethereum's recent plunge to around $1,500. He explained that as fear spread due to U.S.-Iran tensions and the possibility of U.S. Federal Reserve rate hikes this year, the number of ETH deposit addresses on Binance surged to a three-year high. At the peak of the panic, approximately 100,000 unique addresses sent ETH to the exchange, a move that typically signals growing spot selling pressure. However, Darkfost pointed out that ETH withdrawals from Binance also increased during the same period. He suggested that while some investors were panic selling, others viewed the dip as an opportunity to accumulate ETH. The simultaneous rise in both exchange deposits and withdrawals indicates a significant divergence in how market participants view the market, the analyst concluded.