- Whale withdrew $5.27M worth of ETH recently.
- Total ETH withdrawals now total $43.9M since Feb 2024.
- Whale is currently down over $13M on these holdings.
In a notable move, a crypto whale has withdrawn another 2,774 ETH — worth around $5.27 million — from Binance just 11 hours ago. This brings the whale’s total ETH withdrawals since February 11, 2024, to a whopping 16,415 ETH, amounting to $43.9 million in value.
Despite the steady accumulation, the wallet currently faces an unrealized loss of over $13 million. The average purchase price of the ETH stands at $2,676, indicating that the whale’s strategy hasn’t yet paid off — at least not on paper.
Confidence or Miscalculation?
The repeated withdrawals from Binance suggest that the whale is likely planning long-term storage rather than quick trading. Such behavior could indicate strong conviction in Ethereum’s future value, regardless of short-term price dips.
Still, holding ETH at an average cost of $2,676 while the market trades lower exposes the investor to significant risk. With Ethereum’s price still recovering from recent market turbulence, the whale’s portfolio is deeply in the red — over $13 million underwater.
What This Means for the Market
Large-scale movements like this can serve as a market signal. When whales continue to withdraw ETH from exchanges, it generally implies reduced selling pressure — a potentially bullish sign in the long term.
However, the losses show how volatile and unforgiving the crypto space can be, even for big players. If Ethereum rebounds, the whale could quickly turn the tables. For now, though, it’s a clear example of high-stakes conviction in a bear-biased market.
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