TL;DR
- Ethereum investors withdraw $64 million from exchanges, showing confidence in the cryptocurrency.
- Ethereum address 0x8B94 pulls 14,632 ETH from Binance, valued at $45.5 million, and stakes it.
- Appearance of two new “whales” wallets that transfer 6,000 ETH, equivalent to $18.7 million, from Kraken.
In a move that reflects notable confidence in Ethereum (ETH), the so-called “whales” of the cryptocurrency world have collectively withdrawn around $64 million worth of ETH from major exchanges.
According to a report from Lookonchain, this significant activity coincides with a sharp rise in the price of ETH, which has fueled speculation and interest in the cryptocurrency market.
Whales are accumulating $ETH!
0x8B94 withdrew 14,632 $ETH($45.5M) from #Binance and staked it in the past 6 days.https://t.co/bywnrZ2glt
2 fresh whale wallets withdrew 6K $ETH($18.7M) from #Kraken in the past 2 days.https://t.co/0kEvOmiv3hhttps://t.co/90fqjJXsSu pic.twitter.com/J0ewl8S3OX
— Lookonchain (@lookonchain) February 26, 2024
The report reveals that a considerable amount of ETH has been moved from exchanges to more secure environments.
An Ethereum address identified as 0x8B94 withdrew a staggering 14,632 ETH, valued at approximately $45.5 million, from Binance.
These funds, far from remaining dormant, have been actively staked over the past six days, suggesting a long-term commitment on the part of investors.
Additionally, the analysis points to the emergence of two new “whales” wallets that have collectively transferred 6,000 ETH, equivalent to $18.7 million, from Kraken to unknown destinations in the last two days.
This move indicates a growing trend among large investors to secure their Ethereum holdings outside of exchange platforms.
These events occur in a context of favorable dynamics in Ethereum and the crypto market
Ethereum price currently sits at $3,060, representing a 0.80% increase in the last 24 hours and an impressive 35% increase in the last 30 days.
Likewise, Ethereum trading volume has seen an increase of 9.77%, reaching $13,810,498,210 in the same 24-hour period, indicating an increase in activity and interest in the cryptocurrency.
Additionally, the recent acquisition of a large amount of ETH by a wallet suspected of being associated with blockchain mogul Justin Sun stands out.
This purchase is part of a larger pattern, with Sun’s wallet accumulating a total of 168,369 ETH, valued at approximately $487 million, from Binance and DEX in less than two weeks.
These developments signal growing optimism among Ethereum investors, especially whales.
As these large investors continue to withdraw significant sums of ETH from exchanges, the market is watching closely.
The movements of these “whales” could be indicative of a bullish outlook for the future of Ethereum.
