According to the crypto intelligence website Lookonchain, a large withdrawal of 7,000 ETH was performed by a big whale using the address “0x882E” from renowned exchange Binance. This withdrawal, believed to be worth about $13.2 million, is yet another significant transaction by this investor.
Surprisingly, the whale has stirred up controversy in the cryptocurrency realm before. Since June 8, a whopping 57,100 ETH, or $108 million, had been taken out of the same exchange by the same address. Following these withdrawals, the investor locked in 36,640 ETH, worth an astonishing $69 million, by staking a sizeable chunk of their holdings.
Up until June 8, there had been no transactions at the address. However, one of the earliest transfers from this account was 32 ETH, which corresponds to the staking minimum for operating an Ethereum network node. This finding has raised the possibility that the investor is actively contributing to the infrastructural support of the network.
In the cryptocurrency world, withdrawals of this size from exchanges are often seen as a bullish indicator. However, despite significant transactions, Ethereum’s price dynamics have not shown any unusual fluctuations. It is still unclear if the investor’s behaviour represents an impending price increase or is only an expression of their long-term investing approach.
