An Ethereum whale has transferred a substantial amount of ETH tokens worth over $50 million from the Binance crypto exchange amid the global crypto market correction. This move has sparked speculations across the crypto sphere with members wondering the reason behind it.
The crypto market ended the previous week in the red zone with Bitcoin (BTC) trading around $67k. Other altcoins in the market like Solana (SOL), XRP, and Dogecoin (DOGE) fell drastically by 12.5%, 11.11%, and 13% respectively. However, the new week starting April 15 has shown a positive rebound as the majority of the tokens in the market are trading in the green zone.
In the center of this rebound, a significant transaction carrying ETH, the second-largest cryptocurrency by market cap was recorded consequently fueling the price growth by almost 3% at the time of writing.
Over $50 million worth of ETH tokens shifted from Binance
Less than an hour ago, Lookonchain, a blockchain data translator, reported a massive movement of ETH tokens from Binance, the largest exchange in the world by trade volume. According to the report, a whale shifted exactly 16,300 ETH worth $51.1 million. In addition, Lookonchain highlighted that the wallet is linked to Matrixport, a crypto-financial service platform that allows users to invest, trade, loan, and buy crypto assets.
Furthermore, it was revealed that this transaction is only one of many initiated by the same wallet since March. Per the report, the wallet has withdrawn a total of 67,286 ETH tokens which is worth approximately $228.33 million at an average price of $3,393.5 per token.
A wallet related to #Matrixport withdrew 16,300 $ETH($51.1M) from #Binance again 20 mins ago.
This wallet has frequently withdrawn $ETH from exchanges since Mar 29, withdrawing a total of 67,286 $ETH($228.33M) at an average price of $3,393.5.https://t.co/R43ImnYb5H pic.twitter.com/qmmzAxHzCV
— Lookonchain (@lookonchain) April 15, 2024
Other data from WhaleAlert, a blockchain large transaction tracker, shows a massive transfer of 10,749 ETH tokens from a wallet labeled “unknown” to the US-based cryptocurrency exchange, Coinbase. The total worth of the transaction equals $33,757,171 ($33.7 million). The purpose of these movements is still unknown, but one thing for sure is that the price of Ethereum has reacted positively.
Ethereum (ETH) price movement
According to data from CoinMarketCap, Ethereum began the week on a high note, surging by 4.66% in the last 24 hours to trade at $3,223. What is more, its market cap has also grown by over 3% to $386.9 billion within the time. However, activities surrounding ETH tokens as measured by the trade volume have reduced significantly in the last day. Per CMC data, ETH trading volume has dropped by 32.35% over the last day to $22.1 billion.
Meanwhile, reports from last week indicated that today, April 15, Hong Kong would approve the spot Ethereum ETF. However, on this issue, further formal confirmation is still needed. This might end up being one more thing that pushes the price of ETH up.
