Ethereum whale transfers via exchanges and DeFi, what’s happening?
Recently, Ethereum (ETH) whales executed It is a series of transactions that involve significant movement of funds across various platforms. Spot On Chain, a blockchain analytics platform, initially highlighted this activity involving approximately $46.02 million in ETH tokens.
The Whale decrypts $46 million ETH transfers across major platforms
Operating through a network of eight wallets, the whale began withdrawing these funds from major exchanges Binance and Bitfinex.
The complexity of these transactions does not end there. After withdrawing at an average price of around $2,419 per ETH, Whale teamed up with Lido, a popular liquid staking solution.
The move included withdrawing 50.15 million USDT from Aave, a well-known decentralized finance (DeFi) protocol, and exchanging the stablecoin for 19,021 ETH (equivalent to $46.02 million). Spot On Chain also revealed that three wallets still hold approximately 30 million USDT on Aave.
In the last two days, companies with eight wallets withdrew $46.02 million. $ETH from #Binance and #Bitfinex After betting ~$2,419 #Lido:
– 50.15M withdrawn from 5 wallets $USDT from #ghost To CEX at 19,021 $ETH ($46.02 million).
– The three wallets still hold about 30 million. $USDT In ~ #ghost You can deposit… pic.twitter.com/vqPYTTaWjT
— Spot on Chain (@spotonchain) January 23, 2024
These balances have aroused curiosity as they may indicate that these funds may soon be deployed to centralized exchanges (CEXs) for further acquisitions of Ethereum.
The context of these whale movements is especially important given the current market conditions Ethereum is experiencing. Over the past 24 hours, the price of Ethereum fell 7.7% to $2,211.
This downward trend is not isolated, as the entire cryptocurrency market, led by Bitcoin, appears to be in decline. Based on the key support area between $2,380 and $2,461 highlighted by cryptocurrency analyst Ali, Ethereum appears to have violated an important demand zone. This breakout could lead to a further plunge towards the $2,000 level, raising concerns of a larger correction.
Ethereum plummets: liquidated while selling
The Ethereum market has seen its value fall, with a noticeable impact on traders. Data from Coinglass highlights that recent market conditions have resulted in significant liquidations. In just 24 hours, over 137,000 traders were liquidated, amounting to $357 million.
Ethereum traders are responsible for a significant portion of these overall liquidations, with long and short traders liquidating $72.82 million and $6.3 million respectively in the last 24 hours.
Interestingly, these market conditions coincide with notable actions by Chelsea, a cryptocurrency lending company currently experiencing financial troubles. recent On-chain analysis Chelsea indicates that she is actively moving large amounts of Ethereum, including a 13,000 ETH deposit to Coinbase.
that much #Celsius Deposit 13K into your wallet $ETH($30.34M) ~ #Coinbase and 2,200 $ETH(USD 5.13 million) ~ #FalconX Again in the last 10 hours.
There are currently two staking wallets. #Celsius Still holds 557,081 $ETH($1.3 billion).
Address: https://t.co/3gGOucC9gYhttps://t.co/zodN4gzVHKhttps://t.co/Jjt9fCN2Ej pic.twitter.com/E9DIZ9KDAH
— Lookonchain (@lookonchain) January 23, 2024
This is consistent with a report from Arkham Intelligence, which stated that Chelsea liquidated more than $125 million in Ethereum to settle financial obligations. The auction was primarily geared toward repaying creditors in line with the company’s bankruptcy proceedings.
Featured image by Unsplash, chart by TradingView
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