ETH has risen 2.64% in the past 24 hours, trading at $1840According to Lookonchain, an on chain data provider, a cryptocurrency address with a large cryptocurrency balance is considered a whale, and a withdrawal of 8698ETH was initiated from one of the world's largest and most well-known cryptocurrency exchanges, Coin
ETH has risen 2.64% in the past 24 hours, trading at $1840
According to Lookonchain, an on chain data provider, a cryptocurrency address with a large cryptocurrency balance is considered a whale, and a withdrawal of 8698ETH was initiated from one of the world's largest and most well-known cryptocurrency exchanges, Coin.
According to Lookonchain, its purpose is to purchase more ETHs. In order to achieve this goal, the whale deposited 31.8 million USDT into Coin An and withdrew 8698ETH, valued at 15.94 million USD. The imbalance between the two transactions may indicate that the whale has purchased other assets or engaged in other activities.
Placing assets on an exchange usually means being willing to sell, as is the case with whales depositing in USDT. The withdrawal of ETH indicates a willingness to accumulate.
This possibility also lies in the fact that divestment may be part of a larger trading strategy or a speculative move based on market trends.
According to Lookonchain, after the ETH price rose due to profit taking, Whale deposited 24495 ETHs worth $45 million into Coin On November 2nd. It further added that since February 12th, Whale has traded 8 ETHs, of which 7 were profitable with a winning rate of 87.5% and a total profit of $13 million.
In the cryptocurrency world, large holders (often referred to as "whales") can have a significant impact on the market.
As of the time of writing this article, ETH is responding to the large-scale buying of whales, rising 2.64% in the past 24 hours and trading at $1840 as of the time of publication.
The cryptocurrency market has experienced a turbulent week, and the current uptrend has expanded from Bitcoin to small cap assets. This led to a 30% increase in Ethereum fees this week, as many small tokens experienced a surge in on chain trading volume.
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