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Whale Buys 19,508 ETH in Last Two Days, Buying Dip or Insider Trading?

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Wed, 6/09/2023 - 14:17
Whale Buys 19,508 ETH in Last Two Days, Buying Dip or Insider Trading?
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@lookonchain analytics account on the X app has shared the details of an almost 10,000 ETH purchase on Binance by a "smart whale."

However, this is not the first transfer of this size and value that has been spotted this week.

Whale grabs nearly 20,000 ETH on the dip

The above-mentioned source of on-chain data shared that, a short while ago, a smart whale purchased 9,689 ETH on Binance and withdrew it; this is the equivalent of roughly $15.8 million.

That's not it, however. On Tuesday, the same X app account reported that this whale bought 9,819 ETH worth $15.9 million at the time of the purchase.

Overall, in the last two days, this smart wallet owner has purchased approximately 19,508 Ethereum in total. This amount of ETH is evaluated at $32 million. What's more, he seems to have bought all this ETH on Tuesday but only withdrew it in parts.

As reported by the same source, on July 1, the same whale made an acquisition of 8,188 ETH during the interval when Ethereum plunged on the SEC's statement that BlackRock's Bitcoin ETF filing was "inadequate." ETH quickly rose back after that, but the whale managed to grab the ETH on the dip.

In the comment thread under that post, several users assumed that perhaps this whale is anticipating a large Ethereum price pump soon. Over the past two days, the second largest crypto has been trading in a range of $1,630, currently exchanging hands at $1,633 per coin.

Related

300,000 ETH shifted to Coinbase in mysterious transfer

As reported by U.Today earlier, a whopping 300,000 ETH in two transfers landed in a Coinbase wallet earlier this week. Many were wondering who deposited that crypto, but Arkham Intelligence stated that this was an internal move by Coinbase.

The Ethereum was first moved from a cold storage vault to a hot wallet of the platform and then split into chunks of 4,282 each.

At the same time, Santiment on-chain data vendor reported that these transfers were among the biggest ones that happened this year, and they made the largest on-chain transaction volume surge since June.

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