In the world of cryptocurrency, Ethereum whales continue to make waves as one particular whale recently dumped another $17 million worth of ETH to the popular crypto exchange, Binance. This whale, believed to be associated with Nexo based on onchain data, has been actively depositing large amounts of Ethereum into the exchange in recent days.
According to reports, the whale deposited 4,946 ETH, equivalent to $17.2 million, to Binance in the past hour alone. Since December 2, Nexo has deposited a total of 114,262 ETH, amounting to $423.3 million, into Binance at an average price of $3,705. This significant offloading by whales has been a trend in the Ethereum market in recent weeks.
In a similar instance earlier this month, a whale deposited over 22,740 ETH, valued at $77.7 million, into Binance to settle debt. Additionally, $170 million, or 49,910 ETH, was cashed out by another whale, contributing to the ongoing sell-offs in the market. While these transactions may not be indicative of panic selling, they do add to the pressure on Ethereum’s price.
Despite the offloading by whales, Ethereum’s price has remained relatively resilient, staying above $3,000. At the time of writing, ETH was trading around $3,448, marking a 1.2% decrease in the past 24 hours. This stability in price comes amidst a backdrop of struggles for the altcoin to break higher, especially as Bitcoin’s price has retreated from its all-time high.
Apart from Nexo, other notable sellers in the market have included the Ethereum Foundation and Justin Sun, the founder of Tron. Their aggressive selling behavior has contributed to the decline in Ethereum’s price, which recently dropped below $3,200 after reaching nearly $4,000.
Despite the challenges faced by Ethereum in the market, the overall sentiment remains positive as the cryptocurrency continues to hold its ground above the $3,000 mark. As whales continue to make significant moves in the market, investors and traders are closely monitoring the situation to gauge the impact on Ethereum’s price and market dynamics.