Ethereum Sell-Off Intensifies as Major Whales Move $ETH to Binance

Recently, huge Ethereum transfers have taken place, signifying the nonstop sell-offs by prominent institutions and holders. Lookonchain, a well-known on-chain analytics provider, disclosed that these investors have made a couple of big deposits to the famous crypto exchange Binance in recent hours. The platform disclosed the respective development on its official X account.

Whales/Institutions Still Seem to Be Selling $ETH!

Whale”0x6229″ deposited 19,557 $ETH($48.14M) to #Binance 1 hour ago.https://t.co/2fXUNea19C

Metalpha deposited 10,000 $ETH($24.5M) to #Binance 2 hours ago.https://t.co/3hqVXQvHlu pic.twitter.com/CpXjNfLtZr

— Lookonchain (@lookonchain) August 5, 2024

Ethereum Institutions and Whales Transact $ETH to Binance, Furthering Sell-Offs

In its new X post, Lookonchain pointed toward a large whale going by “0x6229”. It added that the respective whale reportedly deposited a significant amount of nearly 19,557 $ETH to Binance. These tokens account for a value of up to $48.14 million. The respective transaction has come under the radar of the market participants and analysts. Such movements that the top holders carry out often indicate likely market changes or strategic modifications.

In addition to this, a popular crypto institution Metalpha transacted nearly 10,000 $ETH with a worth of $24.5M to Binance. This massive deposit further indicates the trend of noteworthy $ETH holdings being shifted to exchanges, likely for liquidation. The above-mentioned transfers have ignited discussions regarding the present sentiment around the Ethereum market. The enormous $ETH transfers to exchanges such as Binance are normally linked with selling operations.

The Continuous Sell-Offs Raise Concerns

When institutions and whales shift assets to crypto exchanges, it usually leads to market selling. This can potentially result in increasing volatility and price fluctuations. Keeping that in view, according to Lookonchain, the continuous selling by these institutions and whales raises several concerns among the community members.

Source