Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
In a remarkable display of confidence in Ethereum (ETH), cryptocurrency whales have collectively withdrawn approximately $64 million worth of ETH from major exchanges, as reported by Lookonchain. This significant activity comes amid a notable increase in the price of ETH, further fueling speculation and interest in the cryptocurrency market.
Lookonchain revealed that a substantial sum of ETH has been moved from the clutches of exchanges to more secure environments. Specifically, an Ethereum address labeled 0x8B94 has withdrawn a staggering 14,632 ETH, valued at roughly $45.5 million, from Binance. This enormous withdrawal was not left to sit idly; instead, the funds have been actively staked within the past six days.
Furthermore, the analysis highlighted the emergence of two new whale wallets, which have collectively moved 6,000 ETH, equivalent to $18.7 million, from Kraken to unknown destinations over the past two days. This movement indicates a growing trend among large-scale investors to secure large amounts of Ethereum outside of exchange platforms.
Ethereum whales go bullish
The current market dynamics offer a backdrop to these substantial transactions. Ethereum’s price stands at $3,059, marking a 1.37% increase in the last 24 hours and an impressive 38.26% rise over the last 30 days. Additionally, Ethereum’s trading volume has surged by 9.77%, reaching $13,810,498,210 in the same 24-hour period, highlighting increased activity and interest in the cryptocurrency.
As previously reported by U.Today, a wallet suspected to be associated with blockchain magnate Justin Sun has recently acquired an impressive 13,780 ETH, valued at approximately $41.24 million, from Binance. This purchase is part of a larger pattern, with the alleged Justin Sun wallet amassing a total of 168,369 ETH, worth around $487 million, from Binance and DEX in less than two weeks.
These developments point to a growing sentiment of optimism among Ethereum investors, particularly the so-called “whales” who hold substantial amounts of cryptocurrency. As these large-scale investors continue to pull significant amounts of ETH from exchanges, the market watches closely. The implications of these moves could signal a bullish outlook for Ethereum’s future.