Whale Withdraws ETH Worth $15.9M from Binance Amid Price Rally

Following its gradual ascent toward the $1900 price range, ether has drawn the interest of several investors, with whale activities picking up considerably. Blockchain analytics platform Lookonchain today shared that an ETH whale with the wallet address “0xb15” has withdrawn 8,398 ETH worth around $15.9 million from crypto exchange Binance.

🚨 Smart whale 0xb15 withdrew another 8,398 $ETH ($15.9M) from #Binance at $1,897 ~6hrs ago.

In total, the whale has withdrawn 25,714 $ETH ($47.8M) from #Binance at $1,857 on average over the past 2 days.

His profit for the last trade is $5.5M while his floating profit for the… https://t.co/5RulrIy5Qu pic.twitter.com/T65J9E5ter

— Spot On Chain (@spotonchain) November 7, 2023

Indeed, the whale who has been on an ETH buying spree, made the transactions in the early hours of Tuesday. According to Lookonchain, the whale made a total profit of $5.5 million from their last trade, while the unrealized profit for their ongoing trade is $1.04 million.

In total, the data analytics platform estimates that the trader has made over $14.5 million from seven completed trades, with a win rate of 85.7% so far. Lookonchain noted that the whale always bought ETH at lows and sold at highs. With the latest transaction, the whale has now withdrawn 27,714 ETH from Binance, worth over $47 million at an average price of $1,857 in the past two days.

Meanwhile, ether has seen a resurgence in its price on the back of a bitcoin-fueled bull rally. Data from CoinMarketCap show that ether has seen a marginal uptick in the last 24 hours, adding a 0.55% gain. On the weekly price chart, ETH has recorded an impressive gain of 5.37%.

At the time of press, ether is exchanging hands at $1890 apiece. However, trade volumes have slipped despite the upsurge in price gain. Nonetheless, the token continues to sit as the second-largest cryptocurrency with a market cap of $277 billion.

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