An Ethereum whale has transferred over $50 million worth of ETH tokens from Binance, sparking widespread speculation and curiosity within the crypto community. This significant move comes amid a global crypto market correction and has had a noticeable impact on Ethereum’s price and trading volume.
Key Takeaways
- An Ethereum whale transferred 16,300 ETH worth $51.1 million from Binance.
- The wallet involved is linked to Matrixport, a crypto-financial service platform.
- Ethereum’s price surged by almost 3% following the transaction.
- Another significant transfer of 10,749 ETH worth $33.7 million was made to Coinbase.
- Ethereum’s trading volume has dropped by 32.35% 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 in this transaction is linked to Matrixport, a crypto-financial service platform that allows users to invest, trade, loan, and buy crypto assets.
This transaction is part of a series of withdrawals 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 The wallet has withdrawn a total of 67,286 ETH tokens, worth approximately $228.33 million at an average price of $3,393.5 per token.
Impact on Ethereum’s Price
Following the whale’s significant transfer, Ethereum’s price surged by almost 3%. 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 also grew by over 3% to $386.9 billion. However, the trading volume of ETH has dropped significantly, decreasing by 32.35% over the last day to $22.1 billion.
Another Major Transfer to Coinbase
In addition to the Binance transfer, WhaleAlert, a blockchain large transaction tracker, reported a massive transfer of 10,749 ETH tokens from a wallet labeled “unknown” to the US-based cryptocurrency exchange, Coinbase. The total worth of this transaction equals $33.7 million. The purpose of these movements remains unknown, but the price of Ethereum has reacted positively.
Market Reactions and Future Speculations
The crypto market ended the previous week in the red zone, with Bitcoin (BTC) trading around $67k and other altcoins like Solana (SOL), XRP, and Dogecoin (DOGE) experiencing significant drops. However, the new week starting April 15 has shown a positive rebound, with the majority of tokens trading in the green zone.
Meanwhile, reports from last week indicated that Hong Kong might approve the spot Ethereum ETF today, April 15. However, further formal confirmation is still needed. This potential approval could further influence the price of ETH.
Conclusion
The recent movements by Ethereum whales have sparked significant interest and speculation within the crypto community. While the exact reasons behind these large transfers remain unclear, the market has reacted positively, with Ethereum’s price experiencing a notable surge. As the market continues to evolve, investors and analysts will be closely monitoring these developments.
