The prominent Ethereum (ETH) investor known as “whale” completed a substantial ETH transaction on Binance on Wednesday. The decision has increased rumors that the holdings would be disposed of.
According to Lookonchain’s blockchain data, Whale paid 12,000 ETH to Binance, totaling $42.8 million. This transaction represents the second-largest cryptocurrencycurrency by market capitalization, with a total circulating supply of 0.01%.
On Tuesday, the same account sent approximately 9,000 ether to Binance, staying under the 30-million tether limit. Serving large sums of bitcoin to the relatively small number of coins exchanged on the most liquid exchanges indicates a willingness to sell or engage in margin trading.
Although the whale’s objectives remain unknown, transferring large amounts of bitcoin to exchanges frequently causes price volatility to rise. The uncertainty surrounding Ether’s future price is accentuated by market data revealing that traders are more pessimistic than Bitcoin.
The actions of institutional investors and whales are closely monitored as the cryptocurrencycurrency market evolves since their trading activity has a significant impact on mood and market dynamics.
Read also: Bitcoin Sees Major Activity as Dormant Bitcoin Whales Awakens, Predicting Volatility
