Jan 23, 2024: In an unexpected move that has drawn the cryptocurrency community’s attention, an Ethereum (ETH) whale has orchestrated a series of transactions involving major exchanges, transferring an astonishing $46.02 million in ETH over the last two days. Utilizing a network of eight wallets, the entity withdrew funds from Binance and Bitfinex, later staking with Lido, a liquid staking solution.
Spot On Chain, a blockchain analytics platform, first highlighted the substantial transactions through a tweet, providing detailed insights into the massive ETH movement. The whale withdrew Ethereum holdings from crypto exchanges Binance and Bitfinex at an average price of approximately $2,419.
Following this, five wallets were used to withdraw 50.15 million USDT from Aave, a prominent DeFi protocol, to the CEX trading platform. The stablecoin was exchanged for 19,021 ETH, equivalent to the $46.02 million value. Spot On Chain additionally revealed that three wallets still held around 30 million USDT in Aave, sparking speculation about potential future deposits into a CEX, potentially acquiring more ETH.
The timing of these transactions coincided with a challenging period for the Ethereum market. During the whale’s activity, ETH struggled, experiencing a 4.57% dip in the last 24 hours and a 9.46% decline in the past week. Current market data shows ETH trading at $2,296.
Coinglass, another analytics platform, reported significant ETH liquidations within the last 24 hours, totaling $53.78 million. Long liquidations accounted for $47.48 million, while short liquidations contributed $6.29 million. This liquidation data underscores the volatility and uncertainty in the market, with traders facing substantial losses.
Market analysts and enthusiasts are closely monitoring these developments, as significant transactions from influential entities often lead to speculation regarding potential market impacts. Traders and investors are advised to exercise caution and stay vigilant in this rapidly evolving cryptocurrency landscape.