An Ethereum whale has reportedly made substantial withdrawals from a cryptocurrency exchange, causing a reduction in the supply of Ethereum (ETH). The move is considered a possible sign of growing confidence and increased whale activity.
Lookonchain analytics revealed that an Ethereum whale has been actively moving ETH out of the Binance exchange. Data from Etherscan shows that the entity withdrew 8,968 ETH on November 4, and an additional 8,618 ETH on November 5, totaling over 17,316 ETH or nearly $32 million.
Ethereum’s exchange supply shows a marked decrease in the volume of assets held on exchanges since around October 23. The supply decreased from over 10.7 million to approximately 10.6 million ETH.
The decline suggests an increase in ETH withdrawals from exchanges, possibly indicating greater confidence in a sustained price uptrend and a desire to accumulate holdings. At the time of the report, the supply on exchanges hovered around 10.6 million ETH.
Analysis of Ethereum’s whale transactions involving amounts exceeding $100,000 and $1 million on Santiment revealed a significant surge in activity. Around 179 transactions exceeding $100,000 and 12 transactions over $1 million have been recorded, suggesting increased engagement among Ethereum whales.
Read Now: Hong Kong’s SFC eyeing crypto accessibility for retail investors: Bloomberg