Whales Move $69M in ETH to Exchanges
Ethereum whales deposited over $69M in ETH to Binance and OKX, signaling potential sell pressure.
- Two whales moved over 18,000 ETH to major exchanges
- $49M in ETH was sent to Binance in a single transaction
- Such movements may hint at possible sell-offs
In the past 24 hours, Ethereum’s large holders, commonly known as whales, have moved significant amounts of ETH to major crypto exchanges. These large deposits often hint at potential sell-offs, stirring up concern within the market.
According to on-chain data, the wallet 0xc156 transferred 13,459 ETH, worth around $49 million, to Binance just 20 minutes ago. In a similar move, wallet 0x46DB sent 5,504 ETH (approximately $19.8 million) to OKX within the last 16 hours.
Such massive transfers to exchanges are usually interpreted as a sign that holders might be preparing to liquidate their assets. This behavior is often followed by increased selling pressure, which can impact ETH prices negatively if other investors follow suit.
Market Watching for Next Move
While whale movements don’t always confirm an immediate dump, they typically trigger caution across the trading community. ETH traders and investors closely monitor these addresses for further activity, as a continued pattern of large deposits might influence short-term market trends.
Ethereum’s price has remained relatively stable recently, but moves like this could add volatility. With over $69 million worth of ETH now sitting on exchanges, the coming hours will be crucial in determining whether the whales plan to sell or simply reposition their holdings.
For now, the crypto market remains on edge, keeping a close eye on both Binance and OKX for any signs of major sell orders.
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