Ethereum

Bitcoin

<figure> 
 <figcaption>
 Cover image via <a href="https://u.today/">U.Today</a>
 </figcaption> 
</figure>
According to on-chain data provider <a href="https://twitter.com/lookonchain/status/1720617305128804806">Lookonchain</a>, a cryptocurrency address with a substantial crypto balance regarded as a whale initiated a withdrawal of 8,698 ETH from Binance, one of the world's largest and most well-known cryptocurrency exchanges.
The intent was to buy more ETH, according to Lookonchain. In achieving this, the whale deposited 31.8 million USDT to Binance and withdrew 8,698 ETH worth $15.94 million. The imbalance in both transactions could imply that the whale bought other assets or engaged in other activities.
<blockquote>
 The smart whale bought <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> again!The whale deposited 31.8M <a href="https://twitter.com/search?q=%24USDT&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$USDT</a> to <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> and withdrew 8,698 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a>($15.94M) 3 hours ago.<a href="https://t.co/heBjvbk1Oi">https://t.co/heBjvbk1Oi</a><a href="https://t.co/hDNN69qn3h">https://t.co/hDNN69qn3h</a> <a href="https://t.co/n0SmpqMsVI">pic.twitter.com/n0SmpqMsVI</a>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1720617305128804806?ref_src=twsrc%5Etfw">November 4, 2023</a>
</blockquote> 
Depositing assets on an exchange frequently implies a willingness to sell, as was the case with the whale's USDT deposit. The withdrawal of ETH suggests a willingness to accumulate.
Some large holders may prefer to hold their assets long-term, removing them from exchanges as a way to store them securely and reduce the temptation to engage in short-term trading.
The possibility also lies in the fact that the withdrawal could be part of a larger trading strategy or a speculative move based on market trends.
According to Lookonchain, the <a href="https://twitter.com/lookonchain/status/1719969181054165202">whale</a> deposited 24,495 ETH worth $45 million to Binance on Nov. 2 after the ETH price increased in a profit-taking move. It further adds that the whale traded ETH eight times since Feb. 12, seven of which were profitable, with a win rate of 87.5% and a total profit of $13 million.
In the world of cryptocurrencies, large holders, often referred to as "whales," can have a significant impact on the market.
At the time of writing, ETH was responding to the massive whale buy with a 2.64% spike in the last 24 hours to trade at $1,840 at press time.
Crypto markets experienced a volatile week as the current rally expanded beyond Bitcoin into smaller-cap assets. This caused <a href="https://u.today/massive-ethereum-whale-with-4890-eth-suffers-losses-after-error-moves">Ethereum</a> fees in the week to climb by 30% as many smaller-cap tokens saw a surge in on-chain trading volumes.

Ethereum Whale Withdraws 8,698 ETH From Binance, Here's Reason

U_Today

Other articles published on Nov 4, 2023

Significant whale movements stir up XRP and Bitcoin market

Top Crypto Events To Watch Next Week: Ripple’s Discussion With SEC, Bitcoin’s $40K Goal Grab Atte...

Shiba Inu Promising Developments Point Toward Sustained Price Growth

LINK Price Analysis: Can LINK Price Overcome Sellers At $12?

Bitcoin Analyst Dave the Wave Predicts Potential 424% Increase in Price

Sidak Bidik 5 Saham Terkait Crypto

Join our free newsletter for daily crypto updates!