Ethereum Whale Executes $46M ETH Transfer Across Major Platforms
An Ethereum whale recently carried out a significant movement of funds across various platforms, involving approximately $46.02 million in ETH tokens. The whale initiated the withdrawal of these funds from major exchanges, Binance and Bitfinex. However, the complexity of the transactions did not end there. Following the withdrawals, the whale engaged with Lido, a prominent liquid staking solution.
This move involved exchanging 50.15 million USDT from Aave for 19,021 ETH, amounting to $46.02 million. Notably, three wallets still hold about 30 million USDT in Aave, sparking curiosity that these funds might soon be deployed into a centralized exchange (CEX) for further acquisition of Ethereum.
Ethereum Plunge: Liquidations Amid Sell-offs
The recent dip in Ethereum’s value has led to significant liquidations in the market. Over 137,000 traders were liquidated within 24 hours, totaling $357 million. Ethereum traders suffered a substantial portion of these liquidations, with long and short traders experiencing $72.82 million and 6.30 million in liquidations, respectively.
These market conditions have coincided with notable actions by Celsius, a crypto lending firm facing financial challenges. On-chain analysis revealed that Celsius has been actively moving large sums of Ethereum, including a 13,000 ETH deposit on Coinbase.
Hot Take: Ethereum’s Market Correction Raises Concerns
The recent market correction in Ethereum has raised concerns about a potential further plunge towards the $2,000 mark. With significant liquidations and whales executing large transfers, the future direction of Ethereum remains uncertain. Traders should closely monitor market conditions and be prepared for increased volatility in the coming days.
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