On January 17, 2025, at 10:00 AM UTC, PeckShieldAlert reported that consolidation-labeled addresses associated with the PlusToken scam transferred approximately 10,200 ETH, valued at about $34.7 million, to five new addresses (PeckShieldAlert, 2025). This significant movement of funds from the PlusToken scam, which has been notorious for its large-scale fraudulent activities, immediately caught the attention of the cryptocurrency market. The exact price of ETH at the moment of the transaction was $3,401.96, according to CoinMarketCap data (CoinMarketCap, 2025). The transfer occurred during a period when the market was already experiencing heightened volatility, with ETH trading volume reaching 35.6 million ETH in the 24 hours leading up to the event, marking a 15% increase from the previous day's volume of 31 million ETH (CoinGecko, 2025). Additionally, the on-chain analysis revealed that the number of active addresses interacting with the PlusToken-related addresses increased by 12% in the hour following the transfer (CryptoQuant, 2025). This sudden activity from dormant addresses typically associated with the scam added an extra layer of uncertainty and speculation to the market dynamics.

The transfer of such a large volume of ETH from PlusToken consolidation addresses to new addresses had immediate implications for the market. Following the announcement, the price of ETH experienced a sharp decline of 2.5%, dropping from $3,401.96 to $3,316.91 within 30 minutes of the news breaking (TradingView, 2025). This price movement was accompanied by a spike in trading volume on major exchanges, with Binance reporting an increase of 20% in ETH trading volume to 5.4 million ETH within the same timeframe (Binance, 2025). The market's reaction was not limited to ETH alone; other major cryptocurrencies like Bitcoin (BTC) and Ethereum Classic (ETC) also saw increased volatility, with BTC dropping by 1.2% to $42,000 and ETC declining by 3.8% to $27.50 (Coinbase, 2025). The fear of potential further liquidations from the PlusToken scam led to heightened selling pressure across multiple trading pairs, including ETH/BTC, ETH/USDT, and ETH/ETC, with the ETH/BTC pair experiencing a 2.1% drop to 0.079 BTC (Kraken, 2025). This event underscored the interconnected nature of the cryptocurrency market and the potential for large-scale movements from known scam entities to disrupt market stability.

Technical indicators and volume data further highlighted the impact of the PlusToken transfer on the market. The Relative Strength Index (RSI) for ETH, which was at 68 before the transfer, dropped to 55 within an hour, indicating a shift from overbought conditions to a more neutral stance (TradingView, 2025). The Moving Average Convergence Divergence (MACD) also showed a bearish crossover, with the MACD line crossing below the signal line at 10:30 AM UTC, suggesting potential further downside for ETH prices (Coinigy, 2025). The trading volume on decentralized exchanges (DEXs) surged by 30% to 1.2 million ETH, reflecting increased activity among retail traders attempting to capitalize on the price movement (Uniswap, 2025). On-chain metrics indicated a rise in the number of large transactions (over 100 ETH) by 25% in the hour following the transfer, suggesting that institutional investors were also reacting to the news (Glassnode, 2025). The combination of these technical and on-chain signals provided traders with a comprehensive view of the market's response to the PlusToken transfer, enabling them to make informed trading decisions in the face of heightened market volatility.