It appears that a major Ethereum (ETH) whale has been on the move, shifting a substantial amount of ETH away from the Binance exchange.
As per data uncovered by Lookonchain, this Ethereum whale withdrew 8,968 ETH on November 4th, followed by another withdrawal of 8,618 ETH on November 5th.
In just two days, the total amount withdrawn added up to a significant 17,316 ETH. To put this into perspective, at the time of this report, the total value of this whale’s withdrawal from the exchange hovered around $32 million.
Note that during this period, the supply decreased from over 10.7 million to about 10.6 million ETH. The declining exchange supply could indicate growing confidence in a sustained uptrend in Ethereum’s price and a desire among investors to accumulate and hold onto their ETH.
At the time of this report, the supply on exchanges remained at roughly 10.6 million ETH. However, the chart also indicated that it was inching closer to the 10.7 million mark.