The price of Ethereum has recently fallen below $1,600, putting it under pressure. However, according to on-chain data, a significant amount of coins have been transferred from Binance, a cryptocurrency exchange, to a non-custodial wallet by a crypto whale named "0xb154". Ethereum whales withdraw $8.1M ETH from Binance to buy NFTs, unaffected by prices.
On September 21st, an ETH whale transferred more than $8.1 million worth of the cryptocurrency.
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Whale Moves More Ethereum From Binance, Buying NFTs
During market downturns in the crypto industry, it is common for funds to be transferred from non-custodial wallets to centralized exchanges such as Binance and Coinbase. This is because these exchanges offer support for stablecoins and fiat currencies such as the Euro or JPY, which allow for easy swapping to less volatile currencies or tokens such as USDT.
The recent movement of tokens away from Binance could indicate confidence in ETH and the broader Ethereum ecosystem, despite the current market volatility. The motivation behind this transfer is unclear at this time.
ETH has experienced a 4% decline since its peak on September 21st, and is moving further away from its high in April 2023 when it reached over $2,100.
It is worth noting that this is not the first time the whale investor has moved funds. On September 6th, they withdrew 9,688 ETH worth $15.8 million from Binance, and less than two weeks prior, transferred 22,340 ETH worth $41.2 million to Binance.
Upon closer examination, the address in question holds 24,556.59 ETH worth over $38.8 million at current rates, as well as small amounts of other altcoins such as ZUM and SWISE.
The whale investor has not only been holding onto ETH, but has also been active in the non-fungible token (NFT) scene, as evidenced by their historical purchases. Accumulating over 100 NFTs since April 2023, the investor has spent an average of 0.2641 ETH per NFT, with their latest purchase made on September 21. In total, the investor has spent over 35 ETH on NFTs.
ETH And NFTs Are Fragile
The whale has increased their holdings of ETH and NFTs during a period of market fragility. For instance, NFT trading volume has decreased by over 90% from its peak in 2021.
Currently, the price of ETH has decreased by 25% since reaching its peak in April 2023. As of writing, the bearish trend has caused the coin to drop below the lows seen in June 2023, moving further away from the significant $2,000 level. The candlestick arrangement indicates weakness, indicating the possibility of ETH dropping even further to $1,400, or even reaching the lows seen in March 2023 if sellers continue to exert pressure.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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