ETH Whale Transfers $20M Worth Ethereum To Binance, ETH Price Drop Ahead ?

ETH Whale Transfers $20M Worth Ethereum To Binance, ETH Price Drop Ahead ?

Time Stamp: January 11, 2023 9:31 AM
Source Node: 1893212

Even though the year 2022 has been a roller coaster ride, the start of 2023 has been pretty much on a positive note as the crypto market seems to be recovering. The star cryptocurrency, Bitcoin which was struggling to even move beyond $15,000, has now successfully captured $17.5 levels. This has resulted in a bullish market.

However, as Ethereum bulls are making a gradual move one of the ETH whales has pulled out 15,500 Ethereum (ETH) which is worth nearly $20 million. This withdrawal has been made from various liquidity pools and this $20 million was then moved to Binance exchange. This was confirmed by Lookonchain, a on-chain analytic firm via Twitter post where the firm claimed that the whale has withdrawn the said amount from Convex, Lido, Curve and Balancer liquidity pools.

Ethereum Witness Decreasing Trade Volume

The firm also stated that in September 2022, the whale had 30,000 ETH and now after the withdrawal, the whale is worth just $19.58. Furthermore, over the last 10 days the whale has sent nearly 20,000 ETH to Binance. Hence, the crypto space believes that Ethereum price is about to plunge.

Meanwhile, it’s been observed that Ethereum price trade is not that productive when compared to that of Bitcoin’s. In the last 24hrs, Bitcoin has gained $0.85 while Ethereum has managed to rise only 0.02%. Also Ethereum’s trading volume has plummeted 12% over the last 24hrs which suggests that ETH is losing interest.

At the time of publication, Ethereum price is selling at $1,331 after a surge of 0.02% in the last one day. The lead altcoin should hold on its trade above $1,300 to see its next climb of $1,400 and then $1,500.

Time Stamp:

More from Coinpedia