$64 Million in Ethereum Pulled From Exchanges by Whales as Price Jumps

In a remarkable display of confidence in Ethereum (ETH), cryptocurrency whales have collectively withdrawn approximately $64 million worth of ETH from major exchanges, as reported by Lookonchain. This significant activity comes amid a notable increase in the price of ETH, further fueling speculation and interest in the cryptocurrency market.

Lookonchain revealed that a substantial sum of ETH has been moved from the clutches of exchanges to more secure environments. Specifically, an Ethereum address labeled 0x8B94 has withdrawn a staggering 14,632 ETH, valued at roughly $45.5 million, from Binance. This enormous withdrawal was not left to sit idly; instead, the funds have been actively staked within the past six days.

Whales are accumulating $ETH!

0x8B94 withdrew 14,632 $ETH($45.5M) from #Binance and staked it in the past 6 days.https://t.co/bywnrZ2glt

2 fresh whale wallets withdrew 6K $ETH($18.7M) from #Kraken in the past 2 days.https://t.co/0kEvOmiv3hhttps://t.co/90fqjJXsSu pic.twitter.com/J0ewl8S3OX

— Lookonchain (@lookonchain) February 26, 2024

Furthermore, the analysis highlighted the emergence of two new whale wallets, which have collectively moved 6,000 ETH, equivalent to $18.7 million, from Kraken to unknown destinations over the past two days. This movement indicates a growing trend among large-scale investors to secure large amounts of Ethereum outside of exchange platforms.

Ethereum whales go bullish

The current market dynamics offer a backdrop to these substantial transactions. Ethereum’s price stands at $3,059, marking a 1.37% increase in the last 24 hours and an impressive 38.26% rise over the last 30 days. Additionally, Ethereum’s trading volume has surged by 9.77%, reaching $13,810,498,210 in the same 24-hour period, highlighting increased activity and interest in the cryptocurrency.

As previously reported by U.Today, a wallet suspected to be associated with blockchain magnate Justin Sun has recently acquired an impressive 13,780 ETH, valued at approximately $41.24 million, from Binance. This purchase is part of a larger pattern, with the alleged Justin Sun wallet amassing a total of 168,369 ETH, worth around $487 million, from Binance and DEX in less than two weeks.

These developments point to a growing sentiment of optimism among Ethereum investors, particularly the so-called “whales” who hold substantial amounts of cryptocurrency. As these large-scale investors continue to pull significant amounts of ETH from exchanges, the market watches closely. The implications of these moves could signal a bullish outlook for Ethereum’s future.

Source