An Ethereum whale has transferred more than $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 a notable price increase for Ethereum.
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- The same wallet has withdrawn a total of 67,286 ETH since March.
- Ethereum’s price surged by 4.66% following the transaction.
- Trade volume for ETH has dropped by 32.35% in the last 24 hours.
Over $50 Million Worth of ETH Tokens Shifted 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. In addition, Lookonchain highlighted that the wallet is linked to Matrixport, a crypto-financial service platform that allows users to invest, trade, loan, and buy crypto assets.
Furthermore, it was revealed that this transaction is only one of many initiated by the same wallet since March. Per the report, the wallet has withdrawn a total of 67,286 ETH tokens, which is worth approximately $228.33 million at an average price of $3,393.5 per token.
Other Significant Movements
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 $33,757,171 ($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. What is more, its market cap has also grown by over 3% to $386.9 billion within the time. However, activities surrounding ETH tokens as measured by the trade volume have reduced significantly in the last day. Per CMC data, 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, on this issue, further formal confirmation is still needed. This might end up being one more thing that pushes the price of ETH up.
