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Ethereum Whales Turn Bullish As Over $92,020,000 in ETH Leaves Binance: Lookonchain

April 24, 2024

A handful of crypto whales appear to have made substantial Ethereum (ETH) purchases in recent days, an indication the largest crypto holders could be turning bullish on the second-biggest digital asset by market cap.

The crypto tracker Lookonchain notes that a whale wallet potentially belonging to Tron (TRX) founder Justin Sun withdrew 4,666 ETH worth $14.91 million from the top crypto exchange Binance on Monday.

The whale had already purchased 132,054 ETH worth $420 million since April 8th.

A new whale wallet also withdrew 7,182 ETH worth $23.06 million from Binance over the course of the day on Monday, according to Lookonchain.

Additionally, a third whale wallet withdrew 11,892 ETH worth $37.77 million from Binance on Sunday and Monday, then went long on Ethereum by depositing ETH into the lending platform Compound (COMP) and borrowing top stablecoin USDT.

The crypto tracker also notes that a fourth wallet withdrew 5,181 ETH worth $16.28 million from Binance over the weekend and staked the Ethereum into non-custodial liquid restaking protocol Bedrock and the decentralized finance (DeFi) project Pendle (PENDLE).

ETH is trading at $3,215 at time of writing. The second-ranked crypto asset by market cap is up more than 4% in the past seven days but down nearly 7% in the past month.

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