Ethereum Whales Withdraw ETH Worth Tens of Millions
Several large Ethereum (ETH) investors made significant withdrawals totaling over $64 million from two centralized exchanges within a short span.
According to Lookonchain’s data, one major investor withdrew 14,632 ETH valued at $45.5 million from Binance across six days, subsequently staking the entirety of the withdrawn ETH.
Whales are accumulating $ETH!
0x8B94 withdrew 14,632 $ETH($45.5M) from #Binance and staked it in the past 6 days.https://t.co/bywnrZ2glt
2 fresh whale wallets withdrew 6K $ETH($18.7M) from #Kraken in the past 2 days.https://t.co/0kEvOmiv3hhttps://t.co/90fqjJXsSu pic.twitter.com/J0ewl8S3OX
— Lookonchain (@lookonchain) February 26, 2024
In addition, Lookonchain observed two new sizable transactions from whale wallets, collectively withdrawing 6,000 ETH worth $18.7 million from Kraken within two days.
Another investor acquired 2,000 ETH valued at $6.2 million from Kraken early on a Monday morning, adding to their existing holdings. Since May 24th, 2023, this particular investor has amassed a total of 26,380 Ethereum, at an average cost of $2,255 per ETH.
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With the current ETH price at $3,230, the total value of this investor’s holdings exceeds $85.2 million, representing an unrealized profit of over $26 million.
Furthermore, Lookonchain identified a wallet suspected to belong to Justin Sun, which acquired 13,780 ETH valued at $41.24 million from Binance over the weekend. Remarkably, this wallet has accumulated 168,369 ETH over the past 13 days, now valued at over $543.8 million. Sun, known as the billionaire founder of the Tron (TRX) smart contract protocol, is associated with this wallet.
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.
