As a seasoned crypto investor with over a decade of experience in this dynamic market, I’ve learned to navigate through the ebb and flow of whale activities with a grain of salt. The recent movements by a whale linked to Nexo, offloading $17 million worth of Ethereum on Binance, while intriguing, don’t necessarily signal a bearish trend for ETH.
Recently, a whale moved a significant sum of Ethereum (approximately $17 million) to Binance, following an earlier deposit of a large amount.
The whale is related to Nexo, as indicated by onchain data.
Lately, it’s been observed that Ethereum has been transferred into a centralized cryptocurrency exchange from Nexo or associated crypto platform wallet addresses. This transfer includes approximately 18,000 unstaked Ethereum, valued at over $70.8 million, which moved to the exchange on December 13th.
A whale associated with Nexo recently transferred another 4,946 Ether (worth approximately $17.2 million) to Binance within the past hour. Since December 2nd, a total of 114,262 Ether ($423.3 million) has been deposited by Nexo into Binance, with an average price point of $3,705 per Ether.
Lookonchain
The Ethereum market has witnessed a significant offloading by whales in recent weeks.
A whale deposited over 22,740 ETH worth $77.7 million into Binance earlier this month, using the funds to settle debt. $170 million, or 49,910 ETH, also made its way to Binance, the whale involved cashing out $137.8 million in stablecoins.
Although the transactions don’t indicate a widespread panic selling, the actions taken by the ‘whale’ resemble the sell-offs that have occurred over the past month.
A number of large wallets have dumped ETH as the altcoin struggled to break higher.
As Bitcoin‘s price pulled back from its record high of over $108,000, Ethereum dipped below $3,200. The brief surge towards $4,000 earlier presented an opportunity for investors to cash out, which some did, leading to the subsequent decline and turbulence that’s currently affecting bullish sentiments.
Besides Nexo, other significant players who’ve recently made moves include the Ethereum Foundation and Justin Sun, the creator of Tron. Both have shown aggression in their activities.
Despite the offloading, ETH’s price remains resilient, above $3k. It hovered around $3,448 at the time of writing – about 1.2% down in the past 24 hours.
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2024-12-25 21:28