The post Ethereum Whale Withdraws 5160 ETH, Signaling Potential Accumulation Amidst Market Recovery appeared on BitcoinEthereumNews.com.

In a significant market movement, an Ethereum whale has withdrawn 5,160 ETH tokens valued at approximately $20 million from Binance. This transaction underscores a broader trend of whale accumulation following a recent price correction in Ethereum. According to Lookonchain, this rising trend in ETH holdings signals considerable confidence among large investors as they capitalize on lower prices. Ethereum whale withdraws $20 million worth of ETH, indicating strong accumulation trends among large holders despite recent price volatility. Whales Continue Accumulating ETH Amid Market Corrections As observed by on-chain analytics firm Lookonchain, significant accumulation by Ethereum whales has been noted following recent price fluctuations. A notable transaction involved a whale creating a new wallet to withdraw 5,160 ETH tokens from Binance, equating to a substantial withdrawal of approximately $20 million. This accumulation is indicative of large holders’ confidence in the market, particularly as long-term holders see a favorable uptick in profitability. Source: Santiment The MVRV (Market Value to Realized Value) ratio for Ethereum has seen consistent growth, rising from 5.17% to 8.56% over the last week. This increase reflects not only confidence in the market but also a growth in profitability for long-term holders, further encouraging whales to accumulate ETH. Current Market Sentiment: Analyzing ETH Price Movements Recent analysis from COINOTAG indicates that Ethereum is experiencing strong bullish sentiment as big holders increase their positions. The volume of ETH being transferred from exchanges has notably risen, demonstrating increased buying pressure that aligns with accumulation trends among large holders. Source: IntoTheBlock Notably, Ethereum’s outflow volume from exchanges has surged from $1.56 billion to $3.89 billion in just one week. Such a substantial increase implies that more investors are moving their ETH tokens into private wallets, indicating a long-term bullish outlook. Source: Cryptoquant Alongside this, the exchange supply ratio has dipped from 0.1468 to…

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Filed under: News - @ December 14, 2024 2:21 am