The post ETH whale withdraws 5160 tokens worth 20 million appeared on BitcoinEthereumNews.com.

Ethereum whale withdraws 5160 tokens worth $20 million. ETH has made a moderate recovery rising by 3.7%. Over the past month, Ethereum [ETH] has traded in an upward trend. As such, since hitting a local low of $2,355, the altcoin has surged to hit $4096. However, since reaching this level, it has experienced a correction and retraced to $3501. As of this writing, Ethereum was trading at $3,899. This marked a 0.6% decline on daily charts. This market pullback created a buying opportunity especially for large holders with whales turning to buying the dip. Whales continue accumulating ETH According to On-chain tracker Lookonchain, whales are accumulating ETH after the altcoin’s price drops. As such, a whale created a new wallet and withdrew 5160 ETH tokens worth $20 million from Binance. With whales accumulating ETH, it shows large holders confidence especially as long-term holders’ profits continue to rise. Source: Santiment We can see this as Ethereum’s MVRV long/short difference has continually increased over the past week. It has risen from 5.17% to 8.56% signaling not only market confidence but also rising profitability. What ETH charts say According to AMBCrypto’s analysis, Ethereum is currently experiencing a strong bullish sentiment amidst buying pressure from large holders. Source: IntoTheBlock As such, Ethereum investors have turned to accumulating the asset. This accumulation trend is evidenced by a rising outflow volume. According to IntoTheBlock, outflow volume from exchanges has surged from $1.56 billion to $3.89 billion over the past week. This implies that more investors are transferring their ETH tokens into private wallets than exchanges. Source: Cryptoquant This trend is further supported by a declining exchange supply ratio. This has dropped from 0.1468 to 0.143. Such a drop implies that more investors are bullish and are keeping their assets off exchanges. Source: IntoTheBlock Finally, this bullishness…

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Filed under: News - @ December 14, 2024 2:08 am