Three suspicious wallets managed by the same whale withdrew 14,942 ETH within an hour, equivalent to more than $64 million, and transferred the entire amount to Binance exchange.
This large unstaking action shows a strong movement of capital from staking wallets to centralized exchange wallets, which could impact ETH liquidity and price in the short term.
MAIN CONTENT
Three suspicious wallets and one whale unstake 14,942 ETH in 1 hour.
The unstake value is equivalent to 64.38 million USD.
Why are these three wallets suspected to belong to the same whale?
Observing wallet address activity on the Blockchain showed similar and simultaneous unstaking actions in a short period of time, allowing experts to determine that the three wallets may be managed by the same individual or large organization.
Synchronizing unstakes and transferring funds quickly requires close coordination, especially with large amounts of ETH like 14,942 ETH, equivalent to $64.38 million, giving credence to this hypothesis.
How does a large unstake affect the crypto market?
Unstaking ETH at a scale of nearly 15,000 ETH means withdrawing capital from long-term staking activities, which could have a short-term impact on liquidity and ETH supply in the spot market.
This indicator represents a signal from a large whale that may be preparing to make a large trade, create price volatility, or move money flows within the Ethereum ecosystem.
“The move to unstake large assets simultaneously could signal portfolio adjustments or improvised responses to market volatility.”
Blockchain Analyst, 2024
Why is this ETH transferred to Binance?
Moving all unstaken ETH to Binance shows that the wallet owner is likely prepared to trade or convert assets on this centralized exchange.
Binance is one of the largest cryptocurrency exchanges, with high liquidity, fast trading service and many supported financial products.
Frequently Asked Questions
How does a large ETH unstake affect ETH price?
Large unstakes can increase the supply of ETH on the spot market, creating short-term bearish pressure depending on the level of buying and selling.
How to identify which wallets belong to the same whale?
On-chain analysis combines contemporaneous transaction activity and wallet technical characteristics to help identify whales.
Is transferring ETH to Binance always a bad sign?
Not necessarily, this may be for the purpose of selling, converting or using other financial services on the exchange.
Is there a fee for Unstaking ETH?
Normally unstaking on Ethereum will incur gas fees depending on the network state but there are no other separate fees.
How do large whales typically impact the cryptocurrency market?
Whales can create huge volatility because their large assets affect liquidity and investor sentiment.
Source: https://tintucbitcoin.com/eth-whale-unstake-14-942-eth-vao-binance/
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