A chart provided by the CryptoQuant analytics aggregator shows that, earlier today, 527,459 ETH were withdrawn from Binance in merely ten minutes: something that only financial institutions or other whales are able to pull off.
Are institutions buying Ethereum dip?
The fiat value of the half a million ETH withdrawn is equal to a whopping $1,524,897,000 as indicated by a chart provided by CryptoQuant.
At press time, the second-largest cryptocurrency, Ethereum, is trading at $2,895, according to data from CoinMarketCap.
That is still 34 percent below the coin's all-time high of $4,376 reached on May 12. The amount of Ether withdrawn indicates that this could be financial institutions purchasing the ETH dip while the price is almost twice lower than the recent all-time high.
Someone in the comments has assumed that whales are preparing for Ethereum's move to the proof of stake (PoS) consensus protocol, therefore hinting that these funds may soon be locked in the ETH 2.0 deposit contract.
CryptoQuant clarifies the situation
The agency commented that these ETH shifts were made internally as Binance moved funds to its cold wallets.
We found that these outliers were internal transfers to the new Binance cold wallets. Data will be changed shortly. Apologies for the confusion.
ETH locked for ETH 2.0 staking hits 4.9 million ATH
A few hours ago, the Glassnode team published a chart to show that the amount of Ether locked in the ETH 2.0 deposit contract had reached a new all-time high of 4,944,034 ETH.
This totals a mind-blowing $14,284,023,286.
On May 25, when the TVL totaled 4,884,994 ETH, the network had 143,266 active validators, increasing daily by 963, as per Twitter user @eth2validators.
Number of wallets with 1,000+ ETH drops
As Ethereum is still far below its recent all-time high, with many expecting the coin to skyrocket in the near future, whales seem to be purchasing more ETH.
Data shared by the Glassnode team shows that the amount of wallets holding 1,000+ ETH has reached a four-year low of 6,349.