Ethereum Whales Unfazed By Prices, Pulls $8.1 Million Of ETH From Binance And Buys NFTs

Ethereum is nether unit and has conscionable dropped beneath $1,600. However, on-chain data shows that a crypto whale, “0xb154”, has moved much coins from Binance, a cryptocurrency exchange, to a non-custodial wallet.

On September 21, the ETH whale transferred implicit $8.1 cardinal of the coin. 

ETH whale moves funds to Binance| Source: Scopescan

Whale Moves More Ethereum From Binance, Buying NFTs

When crypto prices contract, outflows from non-custodial wallets to centralized ramps, including Binance and Coinbase, thin to rise. This is due to the fact that centralized exchanges supporting stablecoins oregon fiat, including the Euro oregon JPY, connection an interface wherever they tin easy swap for the “safety” of the little volatile fiat currencies oregon tokens designed to reflector them, including USDT.

That the holder is shifting tokens distant from Binance careless of the heightened volatility tin awesome assurance for ETH and the broader Ethereum ecosystem. It is not instantly wide what could person motivated the whale to determination coins distant from the speech astatine this point.

However, what’s evident is that ETH is down astir 4% from September 21’s highest and moving further distant from April 2023 highs erstwhile it roseate to implicit $2,100.

Records amusement this is not the archetypal clip the whale moved funds. On September 6, the capitalist withdrew 9,688 ETH worthy $15.8 cardinal from Binance. Less than 2 weeks earlier, the whale notably transferred 22,340 ETH, worthy $41.2 million, to Binance.

A person introspection of the aforesaid address shows it has 24,556.59 ETH worthy implicit $38.8 cardinal astatine spot rates. Besides ETH, the code controls particulate amounts of different periphery altcoins, including ZUM and SWISE.

ETH whale holding| Source: Scopescan

Apart from simply HODLing ETH, the whale has besides been progressive connected the non-fungible token (NFT) scene, looking astatine humanities purchases. Over time, the capitalist has held implicit 100 NFTs where, connected average, spent 0.2641 ETH; the latest acquisition was connected September 21.

The capitalist has been actively accumulating NFTs since aboriginal April 2023 and has spent implicit 35 ETH.

ETH And NFTs Are Fragile

The whale has accumulated much ETH and NFTs erstwhile the crypto marketplace is fragile. To illustrate, NFT trading measurement is implicit 90% down from 2021 peaks. 

Ethereum terms connected September 21| Source: ETHUSDT connected Binance, TradingView

Presently, ETH prices are down 25% from April 2023 peaks. When writing, bears person successfully forced the coin beneath June 2023 lows arsenic the coin moves further distant from the intelligence $2,000 level. Candlestick statement points to weakness, suggesting that ETH could dump adjacent little to $1,400—or March 2023 lows, if sellers property on.

Feature representation from Canva, illustration from TradingView