Major Ethereum Whale Activity in Exchanges and DeFi

A notable Ethereum (ETH) whale has orchestrated a significant fund transfer, moving approximately $46.02 million in ETH tokens across diverse platforms. This noteworthy transaction was initially spotlighted by the blockchain analytics platform Spot On Chain.

Major Ethereum Whale Activity In Exchanges And Defi_65d5cb9fd0cea.webp

Unraveling a $46 Million Ethereum Transfer by a Crypto Whale Across Prominent Platforms

Operating through a network of eight wallets, this crypto whale orchestrated a strategic withdrawal of funds from major exchanges like Binance and Bitfinex. The complexity extended beyond mere withdrawals, involving engagements with Lido, a leading liquid staking solution.

After withdrawing 50.15 million USDT from Aave, a notable decentralized finance (DeFi) protocol, the whale exchanged the stablecoin for 19,021 ETH, totaling $46.02 million. Spot On Chain’s insights unveiled that three wallets still retain approximately 30 million USDT in Aave, hinting at potential deployment into a centralized exchange (CEX) for further Ethereum acquisition.

These whale movements carry significant weight given the prevailing market conditions of Ethereum. With Ethereum’s price plummeting by 7.7% to $2,211 in the last 24 hours, and a broader market downturn led by Bitcoin, the situation is critical. Analyst Ali’s identification of a crucial demand zone breach between $2,380 and $2,461 suggests a potential downward trajectory towards the $2,000 mark, raising concerns about a substantial correction.

Ethereum in Freefall: Massive Liquidations Amidst Market Turmoil

The Ethereum market is witnessing a sharp decline in value, leaving traders grappling with the repercussions. Coinglass data reveals a substantial surge in liquidations, with over 137,000 traders liquidated in just 24 hours, resulting in a staggering loss of $357 million.

Ethereum traders shoulder a significant burden of these liquidations, as both long and short traders face losses of $72.82 million and $6.30 million, respectively, within the past 24 hours.

Compellingly, these market fluctuations coincide with noteworthy activities by Celsius, a crypto lending firm currently grappling with financial challenges. On-chain analysis suggests Celsius has been actively transferring substantial amounts of Ethereum, including a 13,000 ETH deposit on Coinbase.

Related: Ethereum Foundation Continuously Selling ETH

These actions align with reports from Arkham Intelligence, which highlight Celsius liquidating over $125 million in Ethereum to meet financial obligations, primarily aimed at settling creditors as part of the firm’s ongoing bankruptcy proceedings.

(100 votes)

5.0/5

(100 votes)

Latest

Coinbase Stock Hits New High As Analysts Split On Future Rally

News | Altcoin | Editor Choice | Policy & Regulations

Coinbase Stock Hits New High as Analysts Split on Future Rally

Coinbase (COIN), the crypto exchange giant, has just set a new all-time closing high, despite growing concerns that the stock may be due for a short-term correction.

Ai Crypto App Users Double This Year

Editor Choice | Altcoin

AI Crypto App Users Double This Year

According to a report from DappRadar, there are approximately 4.5 million wallets using AI applications on the blockchain, marking an 86% increase this year.

Aqua 1 Invests $100 Million In World Liberty Financial

Editor Choice | Altcoin

Aqua 1 Invests $100 Million in World Liberty Financial

Aqua 1 Investment Fund has decided to invest 100 million USD in World Liberty Financial (WLFI), a DeFi project backed by the Trump family.

Rlusd Expands To 20 Million Merchants, Aims To Compete With Usdc

News | Altcoin | Editor Choice | Policy & Regulations

RLUSD Expands to 20 Million Merchants, Aims to Compete with USDC

Ripple teams up with Aeon to bring the RLUSD stablecoin and XRP token into the Web3 payment system, expanding spending capabilities to over 20 million retail locations across Southeast Asia.

Trader Sets $100 Price Target For Xrp By 2027

News | Altcoin | Editor Choice

Trader Sets $100 Price Target for XRP by 2027

A bold price prediction for XRP has stirred lively debate within the crypto community, as a trader forecasts the token could reach $100 by 2027.