Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

Ethereum Whale Moves $46 Million in ETH Across Binance, Bitfinex and Aave: Details

Published 02/05/2024, 12:27 PM
Updated 02/05/2024, 01:00 PM
© Reuters.  Ethereum Whale Moves $46 Million in ETH Across Binance, Bitfinex and Aave: Details
USDT/USD
-
ETH/USD
-

U.Today - In a surprising move that has captured the attention of the cryptocurrency community, an Ethereum (ETH) whale has orchestrated a series of transactions involving major exchanges, moving a staggering $46.02 million in ETH over the past two days. The entity, utilizing 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 brought attention to the substantial transactions through a tweet, revealing intricate details of the massive ETH movement. The whale withdrew the Ethereum holdings from crypto exchanges Binance and Bitfinex at an average price of approximately $2,419.

Subsequently, five wallets were employed 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 $46.02 million value. Spot On Chain further disclosed that three wallets still retained around 30 million USDT in Aave, sparking speculation that they might deposit these funds into a CEX soon, 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's activity, the price of ETH struggled, recording a 4.57% dip in the last 24 hours and a 9.46% decline in the past week. Current market data indicates ETH trading at $2,296.

Coinglass, another analytics platform, reported a significant amount of liquidations for ETH within the last 24 hours, totaling $53.78 million. Of this amount, $47.48 million resulted from long liquidations, while short liquidations accounted for $6.29 million. The liquidation data underscores the volatility and uncertainty prevalent on the market, with traders experiencing significant losses.

Market analysts and enthusiasts are closely monitoring these developments, as such large-scale transactions from influential entities often lead to speculation and conjecture regarding potential market impacts. Traders and investors are advised to exercise caution and stay vigilant as the cryptocurrency landscape continues to unfold, revealing the dynamics of this rapidly evolving market.

This article was originally published on U.Today

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.