Ethereum Whales Triggered Massive Transfer of 32,527 ETH Amid Market Volatility”
A collective group of Ethereum whales orchestrated a remarkable transfer of 32,527 ETH to various trading platforms.
Three long-term ETH traders (or possibly funds) deposited 32,527 ETH worth $109 million into CEXes within the past 24 hours.
Trader “0x213” deposited 12,500 Ethereum valued at $41.7 million into Kraken at a price of $3,339. This whale initially received 120,900 Ethereum from white-hat hacker Baylina.eth in July 2017 and currently holds approximately 12,200 Ethereum worth $40.9 million.
Another whale deposited 12,500 Ethereum worth $39.1 million into Binance at approximately $3,374. This whale received Ethereum for the first time in December 2017 and deposited all 32,600 ETH into Binance at around $3,312, worth $108 million. They have withdrawn $80 million in the past three days.
The third whale, “Metalpha,” deposited 8,427 Ethereum worth $28.2 million into Binance at $3,347. This whale received Ethereum for the first time in July 2021 and currently holds 62,300 WSTETH worth $242 million.
The timing of this transfer is particularly intriguing as it follows Ethereum’s surpassing of the $4,000 mark and subsequent significant decline. The recent move by the whales has sparked speculation: “Did the whales believe that the recent correction is still insufficient?”
Ethereum whale activity reaches its highest levels in 2024
The price of ETH has dropped by approximately 18% since reaching its peak at $4,093 on March 12th.
Ethereum whale activity reached its highest level in 2024 as price levels dropped from $3,300 to the mid-range buying area. A total of 59,137 separate transactions by Ethereum whales exceeding $100,000 were recorded between March 19th and 21st.
Santiment urges traders to monitor the 30-day average returns of ETH portfolios, which may indicate whether buying is justified. The 30-day average of ETH traders has now decreased by 7%, increasing the likelihood of a rebound. Additionally, its relative strength index (RSI) has dropped to 28.5, the lowest level seen for ETH since reaching its bottom in late January.
Read more BlackRock Clients Show Lukewarm Interest in Ethereum Despite Cryptocurrency’s Market Value
ETH trading volume decreased by 41% this week, with speculation on digital currencies notably slowing down. Additionally, the amount of ETH transferred on the mainnet this week reached its highest levels since May 2022.
ETH also recorded its largest weekly net outflows to exchanges – $720 million since September 2022 – amid regulatory FUD spreading.
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