Major Ethereum Whale Activity in Exchanges and DeFi

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.

Over the past 2 days, an entity with 8 wallets withdrew $46.02M in $ETH from #Binance and #Bitfinex at ~$2,419, then staked with #Lido:

– 5 wallets withdrew 50.15M $USDT from #Aave to CEX for 19,021 $ETH ($46.02M).

– 3 wallets still hold ~30M $USDT in #Aave and may deposit it… pic.twitter.com/vqPYTTaWjT

— Spot On Chain (@spotonchain) January 23, 2024

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.

The #Celsius wallet deposited 13K $ETH($30.34M) to #Coinbase and 2,200 $ETH($5.13M) to #FalconX again in the past 10 hours.

Currently, 2 staking wallets of #Celsius still hold 557,081 $ETH($1.3B).

Address:https://t.co/3gGOucC9gYhttps://t.co/zodN4gzVHKhttps://t.co/Jjt9fCN2Ej pic.twitter.com/E9DIZ9KDAH

— Lookonchain (@lookonchain) January 23, 2024

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.