Ethereum Whales Shake Binance with Massive Withdrawals
Over the past month, a large holder of Ethereum (ETH) has been observed pulling out substantial amounts of the popular alternative cryptocurrency from the Binance cryptocurrency exchange.
According to blockchain tracking company Lookonchain, this entity has withdrawn 50,100 ETH, equivalent to more than $91 million, from Binance since June 8th.
Lookonchain has also noted the activity of another significant investor, referred to as a “whale,” who has been purchasing significant quantities of ETH. In addition to ETH, this investor has accumulated CurveDAO (CRV), a decentralized stablecoin lending project, and Lido (LDO), an Ethereum liquid staking service.
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Furthermore, Lookonchain recently detected the actions of a savvy investor with a history of making well-timed trades. This individual deposited 16 million USDC into Binance and subsequently engaged in the following activities:
- Sold 34,000 ETH, valued at $65.4 million, when the price reached $1,930.
- Converted USDC to ETH during a period of USDC’s detachment from the US dollar.
- Removed all assets from FTX before FTX halted user withdrawals due to insolvency.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
