HomeNewsEthereum Whale Pulls $90 Million for Staking, Radiating Positive Vibes in Crypto...

Ethereum Whale Pulls $90 Million for Staking, Radiating Positive Vibes in Crypto Ocean

- Advertisement -
  • An Ethereum whale has withdrawn about 50,100 Ether (worth approximately $90 million) from Binance since June 8th, according to blockchain data from Lookonchain. Most of the withdrawn Ether coins have been staked in the Ethereum network.
  • The activities of whales, especially those involving large withdrawals from exchanges for staking, are generally interpreted as signs of positive long-term market sentiment.

In the deep sea of Ethereum whale activities, a notable event surfaced recently. An Ethereum whale has made a sizeable splash by withdrawing 50,100 Ether (nearly $90 million at the current valuation) from Binance since June 8th, as revealed by Lookonchain’s blockchain data. Apparently, this behemoth investor is betting on Ethereum’s long-term prospects as a substantial chunk of the withdrawn Ether (34,560 ETH) has been staked in the Ethereum network.

Interpreting the Whale Movements: The Bullish Signal

Whale activities, particularly those involving substantial withdrawals from exchanges for staking purposes, provide crucial indicators of the overall market sentiment. Whales removing large amounts of coins from exchanges and staking them suggest a bullish long-term market outlook.

- Advertisement -

The staked Ethereum coins get frozen in a smart contract for a specified period, rendering them unavailable for transactions. This can be interpreted as a sign of confidence in Ethereum’s future appreciation. Another sign bolstering the positive sentiment among crypto whales was a tweet from Lookonchain that noted,

“A smart whale has pulled an additional 4,000 ETH from Binance… and deposited $8 million in USDC on Binance. This whale has a knack for buying ETH at low prices and selling at peaks.”

However, when a whale conspicuously deposits a significant number of coins on an exchange, it typically suggests an impending sell-off, providing a counter-signal to the positive market sentiment.

The Whale Scale: Size Does Matter

In the Ethereum ecosystem, an entity or wallet is deemed a whale if it holds more than 1,000 coins. The cryptocurrency aquatic hierarchy is as follows:

      • Below 1 Coin: Shrimp
      • 1 to 10 Coins: Crab
      • 10 to 50 Coins: Octopus
      • 50 to 100 Coins: Fish
      • 100 to 500 Coins: Dolphin
      • 500 to 1,000 Coins: Shark
      • Over 1,000 Coins: Whale
      • Over 5,000 Coins: Humpback Whale
- Advertisement -

The recent activities of Ethereum whales paint a rather positive picture for the Ethereum market, hinting at a strong belief in the future rise of Ethereum.

Best Crypto Exchange for Everyone:

  • Invest in Ethereum (ETH) and 70+ cryptocurrencies and 3,000+ other assets.
  • 0% commission on stocks – buy in bulk or just a fraction from as little as $10.
  • Copy top-performing traders in real time, automatically.
  • Regulated by financial authorities including FAC and FINRA.

2.8 Million Users

Get Started


- Advertisement -
ETHNews does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. ETHNews is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
Jack Williams
Jack Williams
As a Blockchain Analyst, I specialize in analyzing the performance of decentralized systems and optimizing their efficiency. Through data analysis, I provide insights on blockchain technology, smart contracts, and cryptocurrencies to help businesses make informed decisions and improve their operations.
- Advertisment -spot_img