Crypto whales, massive holders of cryptocurrencies, are making waves in the market. Recently, a single entity, known as a whale, withdrew nearly half a billion dollars’ worth of Ethereum (ETH) from various crypto exchanges. This movement was first noticed by Lookonchain, a blockchain tracking firm, which observed an address starting with “0x4359” removing ETH from Binance and decentralized exchanges.
According to Lookonchain, this whale has acquired approximately $405.19 million worth of ETH in less than two weeks. The entity withdrew 10,119 ETH ($31.85 million) from Binance alone and purchased 127,388 ETH ($405.19 million) from DEX and Binance since April 8th, with an average buying price of around $3,172.
On the same day, another unidentified entity was observed by whale tracking service Whale Alert. This entity sent 14,408 ETH, valued at over $45.745 million, to the crypto exchange OKX. Whale Alert also discovered a wallet that had participated in the initial coin offering (ICO) of Ethereum. This wallet, which had been inactive for nearly nine years, recently transferred 197 ETH worth $622,685.
Additionally, Lookonchain identified another whale attempting to leverage-long Ethereum, despite previously losing millions in a similar move. This entity borrowed USDT from the lending platform Compound to long ETH. The whale withdrew 8,249 ETH ($26.18 million) from Binance and deposited it into Compound, then borrowed 17.3 million USDT from Compound.
As of now, Ethereum is trading at $3,222.
Please note that The Daily Hodl’s opinions are not investment advice, and investors should conduct their own research before engaging in high-risk investments. Transfers and trades are done at one’s own risk, and any losses incurred are the responsibility of the individual. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets and is not an investment advisor.
