Sleeping Ethereum Whale Sends His Tokens to Binance – Will he Sell?
An inactive cryptocurrency whale emerged from a three-year slumber to transfer a substantial amount of Ethereum (ETH) to the Binance exchange.
This dormant whale moved 4,500 ETH, currently valued at nearly $7 million in traditional currency, to Binance when the cryptocurrency was trading at $1,542.
@OnchainDataNerd highlighted that this particular whale had acquired a total of 11,900 ETH for $2.89 million on Bitfinex in June 2020, when the price of Ether was just $243.
If the whale decides to sell their Ethereum holdings acquired back in 2020, they stand to gain a substantial profit of $15.56 million, as detailed in @OnchainDataNerd’s recent post.
16 hours ago, Whale 0x88e, who has been dormant for 3 years, deposited 4.5K $ETH ($6.94M) to #Binance at $1542.
Notably, he accumulated 11.9K $ETH ($2.89M) from #Bitfinex at an avg price of $243 in June 2020.
In total, he currently has an estimated profit of $15.56M. pic.twitter.com/UTrqzAFV1D
— The Data Nerd (@OnchainDataNerd) October 14, 2023
It’s worth noting that a more significant volume of Ethereum found its way into centralized cryptocurrency exchanges compared to the transactions made by the aforementioned whale.
According to recent reports from prominent blockchain tracking platform Whale Alert, whales have moved 59,860 ETH to two major crypto exchanges, Coinbase and GateIO.
READ MORE: Ferrari Drives into the Future: Revs Up Cryptocurrency Payments
Anonymous whales made deposits of 22,699 ETH and 22,157 ETH to Coinbase, while another 15,000 ETH was transferred to GateIO. These transactions amount to a staggering $92.3 million in conventional currency.
As disclosed by the on-chain data aggregator Santiment earlier this week, the top 10 Ethereum wallets, which include addresses linked to exchanges and independent wallets, have been amassing additional quantities of this second-largest cryptocurrency.
Currently, these top 10 exchange-related addresses hold 8.51% of the total Ethereum supply, while non-exchange wallets collectively hold a substantial sum of 39.22 million ETH.
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.
