An Ethereum whale has transferred over $50 million worth of ETH tokens from Binance, sparking widespread speculation in the crypto community. This significant move comes amid a global crypto market correction and has led to various theories about the whale’s intentions and the potential impact on Ethereum’s price.
Key Takeaways
- An Ethereum whale moved 16,300 ETH worth $51.1 million from Binance.
- The wallet is linked to Matrixport, a crypto-financial service platform.
- The whale has withdrawn a total of 67,286 ETH since March, worth approximately $228.33 million.
- Another significant transfer of 10,749 ETH worth $33.7 million was made to Coinbase.
- Ethereum’s price has reacted positively, surging by 4.66% in the last 24 hours.
Whale Moves Over $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 involved 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 The wallet has withdrawn a total of 67,286 ETH tokens, worth approximately $228.33 million at an average price of $3,393.5 per token.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 one thing for sure is that 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 within the same period. However, activities surrounding ETH tokens as measured by the trade volume have reduced significantly in the last day. ETH trading volume has dropped by 32.35% over the last day 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 Reactions and Speculations
The crypto market ended the previous week in the red zone with Bitcoin (BTC) trading around $67k. Other altcoins like Solana (SOL), XRP, and Dogecoin (DOGE) fell drastically by 12.5%, 11.11%, and 13% respectively. However, the new week starting April 15 has shown a positive rebound as the majority of the tokens in the market are trading in the green zone.
Prominent crypto analyst Ali Martinez has shared his views on Ethereum’s price, suggesting that if ETH cannot maintain its position above the $2,530 mark, it may witness a further slip to the $2,450 level. As of writing, Ethereum is trading at $2,554.15, down 1.42% over the last 24 hours.
Conclusion
The recent movements by Ethereum whales have undoubtedly stirred the market, leading to a mix of optimism and caution among investors. While the exact motives behind these large transfers remain unclear, the market’s reaction has been notably positive, at least in the short term. As always, investors are advised to stay informed and exercise caution in the volatile crypto market.
