On-chain data source Lookonchain revealed the million-dollar altcoin transactions flowing into Binance wallets on Nov.
Crypto whale stacks this altcoin in Binance wallet
The transaction was valued at approximately $85.67 million. According to data provided by Lookonchain, the giant whale moved 73,224 ETH to Binance wallet on November 28. Ethereum price was dropping around 4% mid-transfer. Lookonchain also warns that this could be a sale transaction. Earlier today, he wrote on Twitter:
The whale, which removed 84,131 ETH ($101 million) from Curve 3 days ago, carries ETH to Binance. He transferred a total of 73,224 ETH ($85.7 million) to Binance, leaving 11,884 ETH ($13.9 million) remaining. Beware of possible ETH selling pressure!
The whale who removed 84,131 $ETH ($101M) from Curve 3 days ago is transferring $ETH to #Binance.
He transferred a total of 73,224 $ETH ($85.7M) to #Binance, leaving 11,884 $ETH ($13.9M).
Watch out for selling pressure of $ETH!https://t.co/8KRdt8kopHhttps://t.co/voRXKZIhSF pic.twitter.com/7VYHFhlUQV
— Lookonchain (@lookonchain) November 28, 2022
According to Lookonchain, the address carrying over 73,000 ETH to Binance was the whale that mined 84,131 ETH from Curve’s staked Ethereum (stETH) liquidity pool last week. As a result of the large amount of Ethereum withdrawn from Curve, the price gap between stETH and ETH has widened even further. Lido’s Stake Ethereum (stETH) price dropped to 0.97 ETH as the whale pulled over 84,000 ETH from the Curve pool. At the time of writing, it is trading around 0.982 against ETH.
Altcoin whales make the biggest accumulation in recent years
Alongside the $85.67 million Ethereum flowing to Binance, the whale accumulation rate is hovering at recent highs. Meanwhile, Ethereum (ETH) price was trading below the $1,200 level. According to Santiment, Ethereum whales are accumulating the cryptocurrency at the highest rate since 2020. Last week, ETH whales moved $1.03 billion worth of Ethereum in just one day. Last week’s accumulation was the fifth-largest single-day increase by the largest whale group last year, according to Santiment.
Will Whale sell 73,224 ETH?
Investors often transfer funds to centralized exchanges when they plan to leverage or sell. Therefore, an increase in foreign currency inflows often paves the way for increased price volatility. “Watch out for the selling pressure of ETH,” Lookonchain tweeted after the massive venture to Binance.
cryptocoin.com As you’ve been following, ETH price has rebounded from a lackluster weekend. On Saturday, there was some hope that the crucial $1,243 level could be tested. But the bulls never took it that far. Instead, prices fell again on Sunday. On the morning of November 28, panic triggered by pictures and videos from China on social media fuels sales.
