An Ethereum (ETH) whale has coordinated a series of transactions involving key exchanges, transferring a remarkable $46.02 million in ETH over the past two days in an unexpected move that has drawn attention from the cryptocurrency community. The organisation took money out of Bitfinex and Binance via a network of eight wallets and used Lido, a liquid staking service, for staking.
Spot On Chain, a blockchain analytics tool, initially raised awareness of the significant transactions with a tweet that included detailed information about the enormous ETH transfer. The whale removed its Ethereum holdings from Bitfinex and Binance at a mean price of about $2,419, according to the cryptocurrency exchanges.
https://x.com/spotonchain/status/1749707166356025466?s=20
Then, five wallets were used to remove 50.15 million USDT from Aave, a well-known DeFi protocol, and transfer it to the CEX exchange. The stablecoin was then exchanged for 19,021 ETH, which is equal to $46.02 million. Spot On Chain also revealed that three wallets had almost 30 million USDT in Aave, which raised rumours that they will shortly transfer these monies to a CEX in order to buy additional ETH.
Ethereum price struggles
These transactions were timed to occur during a difficult time for the Ethereum market. The price of ETH was weak throughout the whale’s activities, falling 9.46% over the previous week and 4.57% over the previous day. According to market statistics, ETH is currently trading at $2,296.
An additional analytics site called Coinglass revealed that there had been $53.78 million worth of ETH liquidations in the previous 24 hours. Of this total, long liquidations brought in $47.48 million, while short liquidations brought in $6.29 million. The data on liquidations highlights the market’s extreme volatility and unpredictability, with traders suffering large losses.
Market watchers and experts are keeping a careful eye on these events since significant transactions from powerful parties sometimes give rise to guesswork and speculation about possible effects on the market. while the characteristics of this quickly changing market become clear, traders and investors are recommended to proceed with care and maintain vigilance while the cryptocurrency landscape continues to take shape.
