An Ethereum whale has transferred over $50 million worth of ETH tokens from Binance, causing a stir in the crypto community. This significant move comes amid a global crypto market correction and has led to various speculations about its implications.
Key Takeaways
- An Ethereum whale moved 16,300 ETH worth $51.1 million from Binance.
- The wallet involved is linked to Matrixport, a crypto-financial service platform.
- Another transfer of 10,749 ETH worth $33.7 million was made to Coinbase.
- Ethereum’s price has shown a positive reaction, surging by 4.66%.
- Market analysts are closely monitoring Ethereum’s price movements.
Whale Moves $50 Million in ETH from Binance
Less than an hour ago, Lookonchain, a blockchain data translator, reported a massive movement of ETH tokens from Binance, the largest exchange in the world by trade volume. According to the report, a whale shifted exactly 16,300 ETH worth $51.1 million. The wallet is linked to Matrixport, a crypto-financial service platform that allows users to invest, trade, loan, and buy crypto assets.
This transaction is only one of many initiated by the same wallet since March. The wallet has withdrawn a total of 67,286 ETH tokens, worth approximately $228.33 million at an average price of $3,393.5 per token.
Additional Transfers to Coinbase
Other data from WhaleAlert, a blockchain large transaction tracker, shows a massive transfer of 10,749 ETH tokens from a wallet labeled “unknown” to the US-based cryptocurrency exchange, Coinbase. The total worth of the transaction equals $33.7 million. The purpose of these movements is still unknown, but the price of Ethereum has reacted positively.
Ethereum (ETH) Price Movement
According to data from CoinMarketCap, Ethereum began the week on a high note, surging by 4.66% in the last 24 hours to trade at $3,223. Its market cap has also grown by over 3% to $386.9 billion. However, activities surrounding ETH tokens as measured by the trade volume have reduced significantly in the last day, dropping by 32.35% to $22.1 billion.
Meanwhile, reports from last week indicated that today, April 15, Hong Kong would approve the spot Ethereum ETF. However, further formal confirmation is still needed. This might end up being one more factor that pushes the price of ETH up.
Market Analysts’ Concerns
Whale Alert reported another transfer of 14,699 ETH, equivalent to $37.58 million, from an unknown wallet to Coinbase. This sizable movement has impacted Ethereum’s market performance. Prominent crypto analyst Ali Martinez has shared that if the ETH price cannot maintain its position above the $2,530 mark, it may slip to the $2,450 level.
CryptoQuant data reveals that Ethereum’s Coinbase premium index, measuring the gap between Ethereum’s dollar-denominated price on Coinbase and its USDT-denominated price on Binance, fell to -0.51, marking its lowest level since December 31, 2023. This adds another layer of uncertainty to Ethereum’s short-term future.
As of writing, Ethereum is trading at $2,554.15, down 1.42% over the last 24 hours. Its trading volume rose 26% to $24.22 billion. The ETH price has touched a high of $2,710.42 and a low of $2,460.93 over the last 24 hours.
