Ethereum Whale Withdraws $182 Million Amid Bull Rally
A significant Ethereum (ETH) whale has recently withdrawn 71,332 ETH worth $182 million since February 1. This accumulation coincided with a bullish trend in the cryptocurrency market, with ETH experiencing a nearly 25% increase since the initial purchase.
Withdrawals from Binance and Bybit
On February 15, the massive Ethereum whale withdrew 1,831 ETH from Binance and Bybit, totaling $5.07 million. This data was retrieved from the SpotOnChain Platform shortly after the withdrawals were made, which lasted for about 20 minutes.
Total Withdrawals in February
In total, this whale has withdrawn 71,332 ETH from various platforms including Binance, Bybit, Bitfinex, and OKX throughout February. Onchain data indicates an average price of $2,557 per ETH, resulting in a total value of $182 million.
Ownership of 76,369 ETH
The SpotOnChain Platform also reveals that this whale currently owns 76,369 ETH, equivalent to nearly $214 million. These holdings are distributed across three lending platforms for yield generation and liquidity mining: Spark, Maker (MKR), and Compound (COMP).
Ethereum Price Analysis
As of now, Ethereum is trading slightly above $2,800 and has seen a 22.63% increase since February 1. The daily chart for ETH/USD demonstrates strong momentum with 11 consecutive “green” candles out of the past 14 trading days.
It is worth noting that the Relative Strength Index (RSI) has reached an “overbought” level of 77.64. However, as long as there are no signs of a trend reversal, this is considered bullish for the second-largest cryptocurrency by market capitalization.
Optimistic Forecast for Ethereum
In summary, Ethereum currently has a market capitalization of $335.56 billion. The recent activity of the massive Ethereum whale suggests an optimistic outlook for the leading Web3 blockchain, indicating no intention to sell.
Investors should also be aware that Ethereum is known for triggering pumps in altcoins and initiating Altseasons. However, it is crucial to remain cautious of potential volatility and the inherent uncertainties of the market. Cryptocurrencies heavily rely on demand for positive price performance, and significant whale movements often serve as indicators.
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