Whale Withdraws Over 24,000 ETH from Binance: Market Impact and Analysis

Read about a whale's withdrawal of over 24,000 ETH from Binance, its impact on the market, and how Ethereum co-founder Vitalik Buterin also made a significant move. Discover the potential implications for Ethereum's price.

Posted 8 months ago in Ethereum

An illustration of a large whale swimming in a sea of cryptocurrency coins.

On-chain analytics provider Lookonchain has reported a significant shift in ETH holdings by a large whale. The whale recently withdrew 5,040 ETH from Binance crypto exchange, equivalent to $8.17 million. Since September 5, this whale has withdrawn a total of 24,548 ETH worth $40 million from Binance, with an average withdrawal price of $1,631.

Depositing assets on an exchange typically indicates a desire to sell, while withdrawals may indicate a desire to accumulate. In a separate incident, another whale sent 30,000 ETH, valued at nearly $50 million, to Binance, OKX, and KuCoin on September 19. These moves by whales have caught the attention of market participants due to their potential impact on the market.

Ethereum co-founder, Vitalik Buterin, also made a notable move by transferring 300 ETH (approximately $493,000) to Kraken on Tuesday. The market closely monitors the on-chain actions of well-informed whales, as they can influence the market prices.

As a result of these whale movements, Ethereum's price has experienced a decline. The concern over potential price drops has grown as significant holders continue to move ETH to crypto exchanges. At the time of writing, ETH is trading at $1,583, representing a 2.69% decrease in the last 24 hours.

Last updated 9/21/2023, 10:22:52 PM


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