- An Ethereum whale has withdrawn about 50,100 Ether (worth approximately $90 million) from Binance since June 8th, according to blockchain data from Lookonchain. Most of the withdrawn Ether coins have been staked in the Ethereum network.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 Apparently, this behemoth investor is betting on Ethereum’s long-term prospects as a substantial chunk of the withdrawn Ether (34,560 ETH) has been staked in the Ethereum network.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.
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:
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- 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
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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.
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