Ethereum (ETH) whales have displayed an increased appetite for the cryptocurrency despite prevailing market uncertainty.
Notably, one prominent whale wallet recently withdrew nearly 39,300 ETH from the world’s largest crypto trading platform, Binance, in a series of transactions over the past month.
This move comes as investors seek safer alternatives amidst eroding confidence in centralized entities. While the recent regulatory FUD has impacted ETH’s price, traders in the futures market remain optimistic, with a dominance of bullish long positions.
According to on-chain analytics firm Lookonchain, an address created over a month ago accumulated ETH worth more than $70 million at the current market price. Intriguingly, each withdrawal coincided with a price drop, indicating a strategic move by the whale to capitalize on market fluctuations.
Binance.US, the American affiliate of Binance, recently announced the suspension of USD trading on its platform, leading to a significant outflow of crypto assets. Surprisingly, it was Ethereum, not Bitcoin, that constituted the majority of the withdrawn assets, as highlighted by research firm Nansen.
Historically, a substantial wave of withdrawals suggests reduced sell-off risks and a bullish surge in investor anticipation. However, in the present scenario, this accumulation could signify a loss of confidence in centralized entities, prompting investors to seek safer havens for their funds.
Santiment data reveals that the percentage of ETH supply on exchanges has dropped to a record low of 9.45%. Simultaneously, top non-exchange addresses have witnessed a significant increase in ETH holdings, indicating widespread interest among whales to acquire more Ethereum.
Despite the negative price action, with ETH trading at $1,750.39 (its lowest level since end-March according to CoinMarketCap), traders in the futures market maintain a positive outlook. Coinglass reports a positive funding rate for ETH, reflecting the dominance of bullish long positions.
