Crypto whales are currently on the move as one large entity with nearly half a billion dollars worth of Ethereum (ETH) was spotted withdrawing coins from crypto exchanges.
First seen by blockchain tracking firm Lookonchain, an address beginning with “0x4359” was spotted taking their ETH out of Binance and decentralized exchanges (DEXes).
Lookonchain says the whale has accumulated about $405.19 million worth of ETH in less than two weeks.
“This giant whale withdrew 10,119 ETH ($31.85 million) from Binance…
He has bought 127,388 ETH ($405.19 million) from DEX and Binance since Apr 8th, with an average buying price of ~$3,172.”
On the same day, another unknown entity was spotted by whale tracking service Whale Alert sending 14,408 ETH worth over $45.745 million to crypto exchange OKX.
Whale Alert also tracked down a wallet that was involved in the initial coin offering (ICO) of Ethereum move 197 ETH worth $622,685. The wallet had been dormant for nearly nine years prior to the latest transfer, according to Whale Alert.
Another whale was seen attempting to leverage-long Ethereum, after previously losing millions trying to do the same move. Lookonchain identified the entity borrowing USDT from the lending platform Compound (COMP) to long ETH.
“This whale went long ETH again.
He lost two times while long ETH, for a total loss of $4.5 million!
[On Sunday], he withdrew 8,249 ETH ($26.18 million) from Binance and deposited it into Compound, then borrowed 17.3 million USDT from Compound.”
At time of writing, Ethereum is trading at $3,222.
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