Whales and large institutions are ramping up their purchases of Ethereum through large ETH withdrawal transactions from reputable intermediary exchanges.
In the past week, several large wallets have withdrawn tens of thousands of ETH worth tens of millions of USD from Binance and Kraken, reflecting a positive signal regarding institutional investor interest in Ethereum.
MAIN CONTENT
Whales and institutions continuously withdraw ETH from exchanges, indicating a significant accumulation trend.
Wallet 0xFC82 withdrew nearly 35,000 ETH equivalent to approximately 89.45 million USD from Binance.
Wallet 0x3c9E withdrew 7,200 ETH equivalent to 18.37 million USD from Kraken during the same period.
Does the large ETH withdrawal from exchanges reflect the accumulation trend of whales and institutions?
According to monitoring data from Lookonchain, large ETH withdrawals from wallets associated with institutions indicate that they are increasing their Ethereum holdings rather than selling. This typically signifies confidence in long-term price potential.
For example, wallet 0xFC82, suspected to be owned by Cumberland, has withdrawn up to 34,883 ETH equivalent to 89.45 million USD from Binance just in the past week, a significant figure reflecting a systematic accumulation strategy.
"Investment institutions are increasingly focusing on holding Ethereum over the long term, shortening trading cycles and reducing liquidity on exchanges in preparation for strong price increases."
James Smith, CEO of Blockchain Insight Investment Fund, 5/2024
Which large wallets have withdrawn ETH and what do these withdrawals signify?
Wallet address 0xFC82 with over 34,883 ETH (89.45 million USD) withdrawn from Binance and wallet 0x3c9E with 7,200 ETH (18.37 million USD) withdrawn from Kraken in the recent week is a clear sign of whale accumulation activity.
These are large transactions that significantly impact overall liquidity on exchanges, while also indicating that institutional investor purchasing power is increasing. These transactions are recorded by Lookonchain, a reputable blockchain data tracking platform.
"The movement of ETH from exchanges to private wallets by large wallets signifies a long-term trend, minimizing market risk and enhancing protection of digital assets."
Linda Tran, Cryptocurrency Market Analyst, 6/2024
Analyzing the impact of large ETH withdrawal transactions on the Ethereum market
Large transactions withdrawing ETH from exchanges help reduce the available supply, supporting the stabilization or increase of ETH prices. Analysis from CryptoAnalytics shows that when the volume of ETH withdrawn from exchanges exceeds 10,000 ETH per week since the beginning of 2024, ETH prices have consistently trended upwards.
Address Exchange Wallet Volume ETH Withdrawn Value (USD) Meaning 0xFC82 Binance 34,883 ETH 89,450,000 USD Large-scale accumulation, positive signal 0x3c9E Kraken 7,200 ETH 18,370,000 USD Expanding whale portfolio, reducing exchange liquidity
Frequently Asked Questions
1. Why do whale withdrawals of ETH from exchanges matter for the market?
Whales withdrawing ETH from exchanges reduce circulating supply, increase buying pressure, and reflect confidence in the long-term value of Ethereum.
2. Do large ETH withdrawals negatively impact exchange liquidity?
Exchange liquidity may temporarily decrease, but this is a positive sign for the market in the long term.
3. How to determine if an ETH withdrawing wallet belongs to a whale or institution?
Based on large transaction volumes and the typical behavior of wallets that have been long monitored by reputable blockchain surveillance platforms.
4. How should small investors react when seeing the trend of whale ETH withdrawals?
This should be seen as an accumulation signal and studied carefully to optimize long-term investment strategies accordingly.
5. Where can ETH withdrawal data from exchanges be tracked?
Platforms like Lookonchain provide transparent and real-time data on large transactions related to whale and institutional wallets.
Source: https://tintucbitcoin.com/ethereum-nghi-van-cumberland-rut-89-trieu-usd/
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