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

According to on-chain data source Lookonchain, a whale cryptocurrency address initiated a withdrawal of 8,698 ETH from Binance, one of the world’s largest and most well-known cryptocurrency exchanges. 

According to Lookonchain, the intention was to purchase more ETH. The whale accomplished this by depositing 31.8 million USDT to Binance and withdrawing 8,698 ETH valued $15.94 million. 

The disparity in the two transactions could indicate that the whale purchased other assets or engaged in other activities.

Depositing assets on an exchange frequently signals a willingness to sell, as the whale’s USDT deposit demonstrated. The withdrawal of ETH indicates a desire to accumulate.

Some significant holders may wish to hold their assets for the long term, removing them off exchanges to safeguard them and eliminate the temptation to engage in short-term trading.

Also Read: Ethereum: Can the New Inverse ETF Lure in More ETH Bears?

Another option is that the withdrawal is part of a bigger trading strategy or a speculative move based on market patterns. 

According to Lookonchain, the whale deposited 24,495 ETH worth $45 million to Binance on November 2 in a profit-taking maneuver when the ETH price climbed. It goes on to say that the whale traded ETH eight times since February 12, seven of which were profitable, with an 87.5% win rate and a total profit of $13 million. 

Large holders of cryptocurrencies, also known as “whales,” can have a big impact on the market. 

At press time, ETH has risen 2.64% in the previous 24 hours in response to the large whale buy, trading at $1,840. The crypto market had a turbulent week as the current rise spread beyond Bitcoin and into smaller-cap assets. 

As a result of the increase in on-chain trade volumes for numerous smaller-cap coins, Ethereum fees increased by 30% last week.

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