According to on-chain data analysis Point on the chainA group of Ethereum whales have collectively transferred a staggering amount of 32,527 ETH to various exchanges.
According to on-chain data analysis Point on the chainA group of Ethereum whales have collectively transferred a staggering amount of 32,527 ETH to various exchanges.
Three long-term ETH traders (or perhaps funds) have deposited 32,527 ETH worth $109 million on CEX in the last 24 hours.
A trader named “0x213” deposited 12,500 ETH worth $41.7 million on 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 its last 11,600 ETH worth $39.1 million on Binance at almost $3,374. Said whale first received ETH in December 2017 and deposited the 32,600 ETH on Binance for almost $3,312 worth $108 million. So far, they have withdrawn 80 million USDT in the last three days.
The third whale, “Metalpha”, deposited 8,427 ETH worth $28.2 million on Binance at $3,347. The whale first received ETH in July 2021 and currently holds 62,300 WSTETH worth $242 million.
The timing of this transfer is particularly intriguing, as it comes after the price of Ethereum surpassed the $4,000 mark and then dropped noticeably. The recent whale action has sparked speculation: “Did the whales think the recent correction was still not enough?”
Ethereum Whale Activity Hits Highs in 2024
ETH price has retraced approximately 18% since hitting highs of $4,093 on March 12.
According feeling, Ethereum whale activity reached its highest level in 2024 as price levels of $3,300 fall into the medium-term buy zone. Between March 19 and March 21, 59,137 separate ETH whale transactions exceeding $100,000 in value were recorded.
Santiment urges traders to keep an eye on the 30-day average returns of ETH wallets, which could indicate whether a purchase is justified. ETH’s 30-day average traders are now down 7%, increasing the likelihood of a bounce. Furthermore, its RSI has fallen to 28.5, the lowest seen for ETH since the price bottomed in late January.
According to IntoTheBlock, Ethereum fees decreased by 41% this week, and speculation in meme coins slowed significantly. The amount of ETH transferred on the mainnet also reached its highest level since May 2022 this week.
ETH also recorded its largest weekly net inflows into exchanges ($720 million since September 2022) as regulatory FUD spread.
