Giant Ethereum Whales Cash Out, Sending 32,527 ETH to Exchanges

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Giant Ethereum Whales Cash Out, Sending 32,527 ETH to Exchanges
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Accord­ing to on-chain data ana­lyt­ics Spot On Chain, a group of Ethereum whales has col­lec­tive­ly trans­ferred a stag­ger­ing 32,527 ETH to var­i­ous exchanges.

Three long-term ETH traders (or maybe funds) have deposit­ed 32,527 ETH worth $109 mil­lion to CEX­es in the last 24 hours.

A trad­er named “0x213” deposit­ed 12,500 ETH worth $41.7 mil­lion to Krak­en at $3,339. The whale first received 120,900 ETH from white-hat hack­er Baylina.eth in July 2017 and cur­rent­ly holds 12,200 ETH val­ued at near­ly $40.9 million.

Anoth­er whale, “0x50b,” deposit­ed their last 11,600 ETH worth $39.1 mil­lion to Binance at near­ly $3,374. The said whale first received ETH in Decem­ber 2017 and deposit­ed all 32,600 ETH to Binance at near­ly $3,312 worth $108 mil­lion. So far, they have with­drawn 80 mil­lion USDT in the past three days.

The third whale, “Met­al­pha,” deposit­ed 8,427 ETH worth $28.2 mil­lion to Binance at $3,347. The whale first received ETH in Jul 2021 and cur­rent­ly holds 62,300 WSTETH worth $242 million.

The tim­ing of this trans­fer is par­tic­u­lar­ly intrigu­ing, as it comes after Ethereum’s price topped the $4,000 mark and then dipped remark­ably. The recent action of the whales has spurred spec­u­la­tion: “Did the whales think that the recent cor­rec­tion was still not enough?”

Ethereum whale activity hits 2024 highs

The price of ETH has retraced about 18% since hit­ting highs of $4,093 on March 12.

Accord­ing to San­ti­ment, Ethereum whale activ­i­ty has hit its high­est lev­el in 2024 as the $3,300 price lev­els dip into the midterm buy zone. A com­bined 59,137 sep­a­rate ETH whale trans­ac­tions exceed­ing $100,000 in val­ue were record­ed between March 19 and 21.

San­ti­ment urges traders to keep an eye on the 30-day aver­age returns of ETH wal­lets, which might indi­cate if a buy is jus­ti­fied. Aver­age 30-day ETH traders are now down 7%, increas­ing the like­li­hood of a rebound. Also, its RSI has dropped to 28.5, the low­est seen for ETH since the price bot­tomed in late January.

Accord­ing to IntoThe­Block, fees on Ethereum declined by 41% this week, with meme coin spec­u­la­tion slow­ing down sig­nif­i­cant­ly. The amount of ETH trans­ferred on the main­net has also reached its high­est since May 2022 this week.

ETH also record­ed its largest week­ly net inflows into exchanges — $720 mil­lion since Sep­tem­ber 2022 — as reg­u­la­to­ry FUD spread.

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