Wallet 0xACc7 continuously withdrew 10,000 ETH worth nearly 26 million USD from Binance, bringing the total ETH withdrawn in two days to over 50,000 ETH.
The ETH withdrawal activity of this wallet shows a significant movement of assets in the cryptocurrency market, highlighting the importance and close monitoring of whale transactions by experts and investors.
MAIN CONTENT
Wallet 0xACc7 has withdrawn 10,000 ETH from Binance in a recent transaction.
A total of 50,734 ETH has been withdrawn from Binance and OKX in the past two days.
This move has raised attention regarding the volatility of ETH supply on major exchanges.
How is wallet 0xACc7 conducting ETH withdrawal transactions?
According to monitoring data from Lookonchain, the wallet with address 0xACc7, possibly linked to Matrixport, just withdrew 10,000 ETH worth nearly 26 million USD from Binance in just about 20 minutes before the time of recording. In the past two days, a total of 50,734 ETH has been withdrawn from the two exchanges Binance and OKX.
"Withdrawing large amounts of ETH from centralized exchanges indicates a significant shift in how whales manage assets, reflecting a trend towards increased control and asset protection."
Tran Minh Tuan, CEO of a cryptocurrency data analysis company, 2024
Why is the large amount of ETH withdrawn from exchanges significant?
Large transactions from whale wallets often significantly impact the circulating supply on exchanges, directly affecting prices and market sentiment. Withdrawing funds from exchanges to personal wallets or cold wallets reduces the likelihood of panic selling and increases asset safety.
Impact on liquidity and ETH price
Liquidity decreases when the amount of ETH on exchanges falls, which can contribute to increased price volatility. Glassnode's 2024 report indicates that the amount of ETH on centralized exchanges has decreased by 15% since the beginning of the year, corresponding to whale withdrawals and large organizations.
Implications for investors
Investors should pay attention to large ETH withdrawals as these are strong signals that whales tend to hold long-term or restructure their investment portfolios. According to Nguyen Hai Dang, cryptocurrency finance expert, these actions often signal stability or positive trends in the medium term.
"Large movements from whale wallets indicate preparations for the next Bull market or risk mitigation during market volatility."
Nguyen Hai Dang, cryptocurrency finance expert, June 2024
Who might wallet 0xACc7 belong to and what is the purpose of these transactions?
Wallet address 0xACc7 is suspected to be related to a financial organization specializing in managing cryptocurrency assets, with large ETH withdrawal figures indicating asset reallocation activity or enhanced asset security.
Multi-platform ETH withdrawal activity
In the past 48 hours, this wallet has withdrawn ETH from both Binance and OKX, indicating a diversification strategy and reducing dependence on a single exchange – a common practice among organizations with professional risk management strategies.
Platform Amount of ETH Withdrawn Equivalent Value (USD) Binance 10,000 ETH (last time) 25.97 million USD Binance + OKX (2 days) 50,734 ETH 130 million USD
How can investors track and understand whale transactions?
Professional investors use large wallet monitoring tools like Lookonchain and analysis reports from experts to timely detect whale movements. This helps predict market trends and make more accurate investment decisions.
Reputable on-chain tracking tools
Lookonchain, Santiment, or Nansen are famous for providing transparent on-chain data, allowing analysis of whale behavior, large transaction volumes, and other important indicators.
How to respond intelligently to whale data
Investors should consider other factors such as market volatility and macro news before taking trading actions. According to expert Tran Minh Tuan's recommendation, risk management strategies and not over-investing are always prioritized.
Frequently Asked Questions
Is wallet 0xACc7 a wallet of a large organization? With the large amount of ETH withdrawn across multiple exchanges, it is very likely that this is a wallet belonging to an organization or a professional asset management fund according to Lookonchain's on-chain analysis data. What does large ETH withdrawal mean for the market? It reduces liquidity on the exchange, can increase price volatility, and reflects the long-term holding trend of whales. Why should we monitor whale actions? Because whales have significant assets, their actions often lead market trends and help predict important price fluctuations. What are reliable whale tracking tools? Lookonchain, Santiment, and Nansen are popular on-chain data platforms widely used by experts today. Are large ETH withdrawals a sign of a Bull market? Not entirely, but many experts believe that this move reflects preparations for a bullish phase or asset protection against volatility.
Source: https://tintucbitcoin.com/eth-matrixport-rut-10-000-eth-nghi-van/
Thank you for reading this article!
Please Like, Comment and Follow TinTucBitcoin to stay updated with the latest news on the cryptocurrency market and not miss any important information!
