Whale Deposits 25,700 ETH Worth $49.52M on Binance Exchange

Popular Chinese crypto journalist Colin Wu has spotted a blockchain wallet that made a significant ETH transaction today, November 9, 2023. Wu posted on X (formerly Twitter) that the particular wallet transferred 25,700 ETH to Binance, equivalent to approximately $49.52 million.

0xB15…8b2e deposited 25,700 ETH to Binance today, equivalent to approximately $49.52 million. These ETH may be the 25,700 ETH transferred from Binance from November 3 to 6, which was worth $47.71 million at the time. If this is regarded as the transaction time of this address,…

— Wu Blockchain (@WuBlockchain) November 9, 2023

A user transferred a similar ETH amount from the Binance exchange between November 3 and 6, and Wu suspected that the same person could be responsible for both transactions. The value of the 25,700 ETH when it was transferred out of Binance was $47.71 million, according to Wu, who suggested the user could have made a $1.81 million profit between both transactions.

The timing and value change of the transferred tokens reflect Ethereum’s current market condition. The flagship altcoin has been in a consistent uptrend, characteristic of a bullish market. On November 3, Ethereum opened trading at $1,801, and in the past six days, the price rose to $1,930 before dropping slightly to trade at $1,914 at the time of writing, based on data from TradingView.

Ethereum’s latest rally started on October 12, when the price bounced off a significant support at $1,520. The top altcoin gained 22.66% in the first twelve days of the rally before entering into consolidation. Despite several predictions of a pullback, Ethereum has continued trending upward and clearing significant resistances. The pioneer altcoin’s next major target is $2,029, a level established after a 25% rally between June and July.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Source