$226 Million in Ethereum Poured Into World’s Largest Crypto Exchange

The prices of leading cryptocurrencies, including Ethereum, have remained on the bullish side since the beginning of the day, but the latest moves pulled by Ethereum whales suggest potential sell-offs, according to data shared by on-chain monitoring firm Whale Alert.

On July 9th, the data tracker spotted a major crypto transfer involving a massive 85,000 ETH being moved between a DeFi platform and a major cryptocurrency exchange, Binance.

Large ETH transfer raises eyebrows

The transfer, which happened around the mid-hours of Wednesday when the market was seeing a major uptick in the prices of cryptocurrencies, was worth over $226.3 million, as ETH was trading at $2,662.83 at the time. Notably, the network fee was charged at a mere 0.000533 ETH despite the large volume of the transaction.

Usually, large transactions like this have often sparked hopes of increased buying activity among whales. However, that is not the case this time.

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The data source revealed that a large amount of ETH was moved by a sender on Arbitrum, with the wallet address “0x8315..,” to a Binance deposit address, “0xe69f..” Despite the positive market trend encountered today, the 85,000 ETH leaving Arbitrum for a major centralized exchange has sparked speculations of a possible incoming sell-off.

Historically, large-scale ETH transfers to centralized exchanges from layer-2 networks (like Arbitrum) have often preceded notable dips in the token’s price. Hence, market watchers do not perceive the move as bullish, but rather as a threat to the token’s potential surge.

Nonetheless, other commentators predict that the move could be an effort by a high-profile investor or institution to rebalance its portfolio, or possibly an over-the-counter (OTC) transaction, which may not have any significant impact on the future performance of the token’s price.

Ethereum has remained in the green zone after the move, showing a notable increase of 3.62% over the last day. Data from CoinMarketCap shows that the token is trading steadily at $2,655.06 as of press time.

With Ethereum’s trading volume showing a massive surge of 29.43% over the last day, and currently standing at $21.24 billion, holders are optimistic for a continued increase in the token’s price.