Ethereum Whale Moves Millions in ETH from Binance Exchange

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.

This smart whale withdrew another 8,618 $ETH ($16M) from #Binance 4 hours ago.

The whale deposited 31.8M $USDT to #Binance and withdrew 17,316 $ETH, the buying price is ~$1,836.https://t.co/OLrmsm7kAi pic.twitter.com/WHvgeaR5At
— Lookonchain (@lookonchain) November 5, 2023

In just two days, the total amount withdrawn added up to a significant 17,316 ETH.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.

TagsEthereum

Mohammed Ali

Mohammad Ali is a fintech and cryptocurrency writer who has been covering the intersection of finance and technology for several years. Ali has a deep understanding of the financial industry and the ways in which technology is changing it, with a special focus on the rise of digital currencies and blockchain technology.