Colossal Ethereum Whale Moves Nearly $55 Million to Binance After 42,000 $ETH Withdrawal Turns Profitable

A major Ethereum ($ETH) whale has seemingly moved a total of 30,710 ETH, worth over $54.9 million at the time of writing, into leading cryptocurrency exchange Binance, presumably to sell their tokens on the market, in a move that comes after the whale withdrew over 42,311 ETH from the same platform.

The whale’s total withdrawals, which started back in September 20, total over $75.67 million, and came at an average price per ETH of around $1,667, showing that the whale is likely sending the funds to Binance to realize profit, as ETH is currently trading close to the $1,800 mark.

注意：
这个 9/20 以来累计从 Binance 提出 42,311 ETH($70.55M) 的巨鲸，5 分钟前将 30710 ETH($56.78M) 转入了 Binance。

他的 ETH 均价约 $1,667。https://t.co/FdtGzeAX7j

推文由 @Bitget_zh 赞助 https://t.co/wvXKjZ6FmJ pic.twitter.com/N4d9lpVTST

— 余烬 (@EmberCN) October 24, 2023

These types of large transactions often influence the market affecting Ethereum’s price and sparking chatter among traders and experts as whales have a significant influence in the space and are often seen as signals as to what’s going on.

Whether this latest whale maneuver is a harbinger of a market trend or a solitary instance of high-value asset management remains to be seen. As CryptoGlobe recently reported, Ethereum whale addresses in the so-called “billionaire tier,” meaning addresses that have at least 1 million $ETH in them, now control 32.3% of the circulating supply of the second-largest cryptocurrency by market capitalization.

This is the largest percentage of the available supply they’ve controlled since 2016, a year in which ETH surged from around $1 to an $18 high, before ending the year at around $7.5 a token.

Notably, it comes the same month the Ethereum Foundation has, through the decentralized cryptocurrency exchange Uniswap, sold 1,700 Ether for $2.73 million worth of USDC, in their largest single transaction of the year.

Earlier, Ethereum futures exchange-traded funds (ETFs) were launched in the United States. According to David Duong, Head of Coinbase Research, these ETFs failed to generate the same level of excitement and trading volume as the first BTC futures ETF, ProShares’ BITO, which debuted in October 2021.

Duong pointed out that the top ETH futures ETFs collectively saw less than $1.5 million in trading volume on their first day. In stark contrast, BITO experienced over $1 billion in trading volume on its inaugural day, as per Bloomberg data. Additionally, the net inflow into these ETH futures ETFs was less than 2% of what BITO attracted.

Featured image via Pixabay.

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