Ethereum Whale Moves More Coins from Binance to Non-Custodial Wallet
Ethereum is currently facing pressure as its price drops below $1,600. However, on-chain data reveals that a prominent crypto whale known as “0xb154” has transferred a significant amount of ETH from Binance to a non-custodial wallet. On September 21, this whale moved over $8.1 million worth of Ethereum.
Increased Outflows from Non-Custodial Wallets during Market Contractions
During times of crypto price contractions, there tends to be an increase in outflows from non-custodial wallets to centralized ramps like Binance and Coinbase. This is because centralized exchanges offer an interface where users can easily swap their tokens for stablecoins or fiat currencies, providing a sense of security amidst market volatility.
Confidence in Ethereum despite Volatility
The fact that this whale is moving tokens away from Binance despite heightened volatility could indicate confidence in the future prospects of Ethereum and its broader ecosystem. The motive behind this move remains unclear.
Previous Transactions and Holdings
Records show that this is not the first time the whale has moved funds. They withdrew 9,688 ETH worth $15.8 million from Binance on September 6 and transferred 22,340 ETH worth $41.2 million to the exchange less than two weeks prior.
The whale’s address currently holds 24,556.59 ETH worth over $38.8 million, along with small amounts of other altcoins like ZUM and SWISE.
Involvement in NFTs
In addition to holding ETH, the investor has been active in the non-fungible token (NFT) scene. They have accumulated over 100 NFTs since April 2023, spending an average of 0.2641 ETH per purchase.
Fragility of ETH and NFT Markets
It’s worth noting that the whale has been accumulating more ETH and NFTs during a period of market fragility. NFT trading volume is significantly down from its peak in 2021, and ETH prices have dropped by 25% from their April 2023 highs.
The current bearish trend suggests that ETH could potentially decline further to $1,400 or even reach its March 2023 lows if selling pressure continues.
Hot Take: Ethereum Whale Shows Confidence Amidst Market Pressure
The movement of a significant amount of Ethereum by the crypto whale “0xb154” from Binance to a non-custodial wallet indicates confidence in Ethereum’s future despite the current market pressure. This move comes at a time when ETH prices are declining and NFT trading volume is significantly lower than before. The whale’s involvement in both ETH and NFTs demonstrates their continued belief in these markets. However, the fragility of these markets cannot be ignored, as bears push ETH further below key support levels. It remains to be seen how the market will respond to these developments.
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