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 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- The whale has withdrawn a total of 67,286 ETH since March, worth approximately $228.33 million.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 shown positive movement, 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 The wallet has withdrawn a total of 67,286 ETH tokens, worth approximately $228.33 million at an average price of $3,393.5 per token.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.
Market Reactions and Future Speculations
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. Meanwhile, the crypto market is now on edge as Ethereum currently flirts around the $2,550 mark. Analysts and investors are closely monitoring Ethereum’s price movements following these significant whale transactions.
Conclusion
The recent movements of large amounts of ETH by whales have created a buzz in the crypto community. While the exact reasons behind these transfers remain unclear, the market has shown a positive reaction so far. Investors and analysts will be keeping a close eye on Ethereum’s price and market behavior in the coming days.
