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Thousands of Ethereum (ETH) Left Major Exchange: Here's Who's Behind Move

Thu, 07/13/2023 - 15:05
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Gamza Khanzadaev
Mega whale pulls out millions of dollars in ETH from Binance
Thousands of Ethereum (ETH) Left Major Exchange: Here's Who's Behind Move
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As reported by crypto intelligence portal Lookonchain, a mega whale under the address "0x882E" has made a substantial withdrawal of 7,000 ETH from prominent exchange Binance. The value of this withdrawal is estimated to be around $13.2 million, marking yet another major transaction by this investor.

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Remarkably, this is not the first time the whale has made waves in the crypto world. Since June 8, the same address has withdrawn a staggering 57,100 ETH, equivalent to a $108 million, from the same exchange. Following these withdrawals, the investor proceeded to stake a substantial portion of their assets, locking in 36,640 ETH, valued at an impressive $69 million.

The address was previously devoid of any transactions until June 8. However, one of the early transfers from this address involved 32 ETH, a number aligned with the staking requirement for running a node on the Ethereum network. This discovery has led to speculation that the investor may be actively engaged in supporting the network's infrastructure.

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Withdrawals of this magnitude from exchanges are typically regarded as a bullish signal within the crypto community. However, Ethereum's price dynamics have not exhibited any extraordinary movements despite substantial transactions. It remains unclear whether the investor's actions are indicative of an anticipated price surge or merely a reflection of their long-term investment strategy.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.