On-chain analyst Darkfost analyzed that while fear sentiment spread as Ethereum (ETH) recently plummeted to around $1500, investors' responses varied significantly. He explained, "As ETH dropped to $1500 amid the US-Iran conflict and the possibility of the US Federal Reserve (Fed) raising interest rates this year dampening risk asset investment sentiment, the number of Binance deposit addresses increased to its highest level in the past three years. At the peak of fear, approximately 100,000 unique addresses sent ETH to Binance. Generally, an increase in ETH deposit addresses indicates growing spot selling pressure. However, ETH withdrawals from Binance also increased during the same period. It appears that some investors sold out of fear, while others utilized this as an opportunity to accumulate ETH. The simultaneous increase in exchange deposits and withdrawals shows that market participants have widely diverging views on the market."
