In recent days, the Ethereum market experienced a series of significant movements carried out by a whale. This whale has been conducting massive ETH withdrawals from the Binance exchange.
Whales Show Confidence in Ethereum
This smart whale withdrew another 8,618 $ETH ($16M) from #Binance 4 hours ago.
The whale deposited 31.8M $USDT to #Binance and withdrew 17,316 $ETH, the buying price is ~$1,836.https://t.co/OLrmsm7kAi pic.twitter.com/WHvgeaR5At
— Lookonchain (@lookonchain) November 5, 2023
The analysis of these transactions shows a substantial increase in their activity. A total of 179 transactions involving more than $100,000 were recorded.
Furthermore, they documented approximately 12 transactions exceeding one million dollars, reflecting a high level of activity among large Ethereum investors.
These movements in the Ethereum market suggest growing confidence and optimism in its potential for a bullish trend.
Investors are withdrawing their assets from exchanges and accumulating ETH, indicating their anticipation of an increase in its value.
According to CoinMarketCap, at the time of writing this note, ETH is trading at $1,905.10, representing a 4.90% increase in the last seven days.
During the same period, its trading volume grew by 28.44%, reaching $8,108,480,981
Its market capitalization remained almost unchanged, rising only 0.36%, hovering around $228,803,107,572.
