One of the most followed crypto traders allegedly just sent 4,001 ETH to the world's largest cryptocurrency exchange, Binance. That is $18.02 million worth of Ethereum coins gone in one shot, according to Lookonchain.
The address is connected to trader DonAlt — the same analyst who predicted last year that XRP would rise from $0.50 to $3.65, a move that increased the coin's price by around 700% to a market cap worth of $180 billion.
This time, at the center of the discussion is not XRP but Ethereum. At around $4,498 per coin, ETH is less than $500 away from the high it reached earlier this month. The token has increased by more than double from last year, when it was trading at under $2,200. Thus, moving $18 million onto the world's biggest exchange is a big deal.
The wallet in question is not out of all of its Ethereum, though. It still contains 227 ETH worth about $1.03 million, plus smaller amounts of other cryptocurrencies. But most of the holdings went to Binance, leaving a small amount behind.
Why now?
That is not clear. Ethereum has just reclaimed the area where prices are discovered after years under its old top, and deposits of this size often happen when investors want to take profits or switch into other assets. We cannot be sure that DonAlt himself pressed the button, but we can see that the wallet linked to him by on-chain trackers says so.
Whether it ends in a sale or just sits on the exchange wallet, it is enough to make traders think twice. Last time, DonAlt got involved with XRP right at the start. If this is his plan for Ethereum, the market will be watching.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team