Ethereum Whale Moves $46 Million in ETH Across Binance, Bitfinex, and Aave: Details
U.Today – In a surprising move that has caught the attention of the cryptocurrency community, a whale (ETH) has orchestrated a series of transactions involving major exchanges, moving a staggering $46.02 million worth of ETH in the last few two days. The entity, using a network of eight wallets, withdrew funds from Binance and Bitfinex before staking with Lido, a liquid staking solution.
Blockchain analytics platform Spot On Chain first drew attention to the substantial transactions via a tweet, revealing intricate details of the massive ETH movement. The whale withdrew Ethereum holdings from crypto exchanges Binance and Bitfinex at an average price of approximately $2,419.
Five wallets were subsequently used to withdraw 50.15 million USDT from Aave, a prominent DeFi protocol, to the CEX trading platform, exchanging the stablecoin for 19,021 ETH, equivalent to the value of $46.02 million. Spot On Chain further revealed that three wallets were still holding around 30 million USDT in Aave, leading to speculation that they could soon deposit these funds on a CEX, potentially acquiring more ETH.
Ethereum price struggles
The timing of these transactions coincided with a challenging period for the Ethereum market. At the time of the whale activity, the ETH price was in trouble, recording a 4.57% drop in the last 24 hours and a 9.46% drop last week. Current market data indicates that ETH is trading at $2,296.
Coinglass, another analytics platform, reported a significant number of ETH liquidations in the last 24 hours, totaling $53.78 million. Of this amount, $47.48 million came from long-term settlements, while short-term settlements accounted for $6.29 million. The settlement data underlines the volatility and uncertainty prevailing in the market, with traders experiencing significant losses.
Analysts and market enthusiasts are closely monitoring these developments as these large-scale transactions by influential entities often give rise to speculation and conjecture about possible impacts on the market. Traders and investors are advised to exercise caution and remain vigilant as the cryptocurrency landscape continues to develop, revealing the dynamics of this rapidly evolving market.
This article was originally published on U.Today.
