According to the findings of Lookonchain, a prominent on-chain analytics provider, a significant Ethereum (ETH) transfer by a substantial holder commonly referred to as a “whale” within the past few hours.
The Withdrawal of a Large Sum Did Not Go Unnoticed
A significant withdrawal of 5,040 ETH, equivalent to $8.17 million, was executed by a prominent ETH holder from the Binance cryptocurrency exchange. A considerable sum of 24,548 ETH, equal to $40 million, has been withdrawn from the Binance platform by an entity commonly referred to as “the whale.” Lookonchain, a reputable source, has observed this withdrawal activity, and the average price at which these withdrawals were made stands at $1,631.
A withdrawal of 5,040 $ETH ($8.17M) was executed by Whale from the #Binance platform approximately 20 minutes ago.
The Whale has executed a series of withdrawals from the Binance platform, explicitly involving a total of 24,548 units of Ethereum (ETH), equivalent to a monetary value of $40 million. These withdrawals have been conducted since September 5 and executed at an average price of $1,631 per unit.
— Lookonchain (@lookonchain) September 21, 2023
Depositing assets onto an exchange typically signifies an inclination towards selling, whereas withdrawals may signify a tendency towards accumulation.
On September 19, as reported by Lookonchain, a significant sum of 30,000 ETH, equivalent to nearly $50 million, was transferred by a prominent entity to the cryptocurrency exchanges Binance, OKX, and KuCoin.
During a sequence of transactions, a whale that had remained inactive for two years reactivated and proceeded to transfer a total of 10,000 Ether (ETH), equivalent to a monetary value of approximately $16.5 million, out of its designated account. Subsequently, a cetacean entity transferred 10,000 ETH, equal to an economic value of $16.5 million, to the digital asset exchanges Binance, OKX, and KuCoin, utilizing distinct addresses for each transaction. Subsequently, the cetacean entity transmitted an additional sum of $10,000 worth of ETH, equivalent to a valuation of $16.5 million.
In the latest transaction involving Ethereum (ETH) being transferred to various exchanges, it has been observed that Vitalik Buterin, one of the co-founders of Ethereum, executed a transfer of 300 ETH (equivalent to approximately $493,000) to the Kraken exchange on Tuesday.
Top 5 Cryptocurrencies Today:
| Name | Price | 24H (%) |
|---|---|---|
Bitcoin
(BTC)
| $29,078.00
| -3.19% |
Ethereum
(ETH)
| $1,948.11
| -4.71% |
Tether
(USDT)
| $1.00
| -0.03% |
BNB
(BNB)
| $295.60
| -1.51% |
Cardano
(ADA)
| $0.51
| -10.30% |
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Each Transfer Can Have a Significant Impact on the Market
The manifestation of the relocation is evident in the valuation of Ethereum (ETH). The attention of market participants is directed towards the on-chain actions of whales, as these entities are perceived to possess valuable insights and wield significant influence over the market.
The Ethereum market has experienced a decline below the significant threshold of $1,600, with ongoing daily trading reflecting a downward trend. The recent decline in price can be attributed to the transfer of a considerable amount of ETH by prominent investors, commonly referred to as whales, to various cryptocurrency exchanges. This development has raised apprehensions regarding the possibility of subsequent price depreciation.
The value of ETH experienced a decline of 2.69% within the past 24-hour duration, resulting in a current valuation of $1,583 as of the time of this composition.
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