A recent surge in Ethereum (ETH) activity has caught the attention of the crypto community as a massive whale made headlines by withdrawing tens of millions of dollars worth of the leading altcoin from Binance.
According to blockchain tracking firm Lookonchain, this Ethereum whale has executed several significant moves in the past month, amassing a substantial amount of ETH and making strategic transactions involving other projects like CurveDAO (CRV) and Lido (LDO).
Lookonchain’s data shows that the Ethereum whale has withdrawn a staggering 50,100 ETH, worth over $91 million, from Binance since June 8th.
Notably, this isn’t a one-time occurrence, as the whale continued to withdraw substantial amounts, totaling 8,500 ETH ($16.3 million) in a separate transaction. Additionally, the whale has staked an impressive 34,560 ETH ($65 million) during this period.
The Ethereum whale wasn’t solely focused on withdrawing ETH from exchanges. Lookonchain also detected significant acquisitions involving the decentralized stablecoin lending project CurveDAO (CRV) and the Ethereum liquid staking service Lido (LDO).
It appears that this deep-pocketed investor borrowed 8 million USDC from Aave, spending 6 million USDC to purchase 3,115 ETH at a price of $1,926.
Subsequently, the whale withdrew 1.83 million CRV ($1.41 million) and 1,222 ETH ($2.35 million) from Binance, indicating potential interest in these projects.
Trading and Withdrawals Lookonchain’s analysis also shed light on another smart whale with a history of remarkable trades. This savvy trader deposited 16 million USDC to Binance, executing some astute moves that caught attention:
- Dumping 34,000 ETH ($65.4 million) at a strategic price point of $1,930.
- Exchanging USDC for ETH during the de-pegging of the stablecoin, a well-timed trade.
- Withdrawing all assets from FTX just before the platform suspended user withdrawals.
The recent activities of these Ethereum whales suggest a heightened interest in ETH and related projects within the crypto space.
Their significant moves and calculated trades may indicate that these investors see potential for further growth in Ethereum and specific decentralized finance (DeFi) projects.
However, as always, market volatility remains a concern, and investors should exercise caution while analyzing and following such whale movements.