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Ethereum: The Exodus of Whales from Binance

eth ethereum

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.

The transactions conducted amounted to an impressive 17,316 ETH in just two days, which is approximately $32 million in value.
These types of movements by whales are closely monitored by the community, as they often have the ability to make a significant impact on prices and market sentiment.
The massive withdrawal of Ethereum by this investor coincides with an interesting trend in the market. The supply of ETH on exchanges has experienced a noticeable decrease in recent weeks.
Starting from October 23, the amount of ETH available on exchanges dropped from over 10.7 million to around 10.6 million ETH at this time.

Whales Show Confidence in Ethereum

This decrease in supply on exchanges suggests that investors are withdrawing assets from exchange platforms.
One can interpret this as an indication of increased confidence in a sustained bullish trend and a desire to accumulate assets.
In addition to the massive withdrawals and the decrease in ETH on exchanges, there has been an increase in the activity of Ethereum whales. They have actively participated in transactions exceeding $100,000 and, in some cases, even $1 million.
eth ethereum

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.

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