An Ethereum (ETH) whale recently transferred a whopping $55 million worth of cryptocurrency to Binance, sparking rumors of a potential sell-off.
The whale transferred 30,710 ETH, valued around $54.9 million, to the crypto exchange Binance. This move comes after the whale had withdrawn 42,311 ETH from Binance, leaving many to wonder if it plans to sell the 30,710 ETH for a profit, maintaining a balance of 11,601 ETH.
The whale began withdrawing its ETH on September 20, with the total withdrawn amount tallying over $75.67 million. The average price per ETH during the withdrawal was approximately $1,667.
The massive transfer to Binance could potentially impact ETH investors negatively. Such transfers to an exchange often precede a sell-off, which could cause a drop in the asset’s price. Despite ETH’s recent surge of over 14% in the weekly charts, it has dipped by 1.1% in the last 24 hours.
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