Ethereum
Ethereum Whales Fuel Market Confidence with Massive ETH Exchange Withdrawals – TradingView News
ZyCrypto
As Ethereum (ETH) struggles with a downward spiral in its market value, recent large-scale withdrawals from exchanges by whales have injected a dose of optimism into the cryptocurrency community. The past week has witnessed a wave of large transactions, indicating strategic maneuvers by institutional players to strengthen their positions amid market volatility.
According to information from “The Data Nerd”, an analyst specializing in tracking unusual crypto transactions. Coinbase has recorded several high-value Ethereum withdrawals.
On Tuesday, the expert reported that in 24 hours, four separate wallets orchestrated withdrawals totaling 78,301 ETH, the equivalent of approximately $231.2 million. Notable among these transactions were withdrawals made by wallets labeled “0xF7f” and “0xE51,” each withdrawing 30,440 ETH, amounting to approximately $90 million.
This increase in withdrawal activity follows a large transaction reported by the same analyst on Monday. A single whale, identified by the address “0x36D,” withdrew 23,286 ETH, worth approximately $67.83 million, from Coinbase. In four days, this entity made withdrawals totaling 30,870 ETH, worth approximately $89.7 million. Such pronounced moves from influential market players have sparked discussions regarding their potential impact on Ethereum’s price trajectory.
That said, the recent influx of withdrawal activity echoes previous reports indicating significant accumulation of Ethereum by whale investors. On May 9, crypto transaction tracking platform Lookonchain highlighted a whale that initiated a series of significant acquisitions, culminating in the withdrawal of 6,030 ETH from Binance. This decision, valued at more than $18 million, was interpreted as a strategic move aimed at strengthening assets amid anticipation of a market rebound. Subsequently, the investor invested the acquired Ethereum into Lido, a decentralized liquidity staking protocol, further underscoring confidence in Ethereum’s long-term prospects.
Analysts suggest that these maneuvers reflect a broader trend of large investors leveraging decentralized finance (DeFi) tools to strengthen their positions in the cryptocurrency market, particularly Ethereum. By using staked Ethereum as collateral to secure loans from decentralized lending protocols like AAVE, investors can access additional capital to fuel new acquisitions and capitalize on anticipated price increases.
Despite Ethereum’s recent price volatility, optimism persists within the market. At press time, Ethereum was trading at $2,916, representing a modest 1.78% decline over the past 24 hours. Analysts are now eyeing $2,900 as a potential floor for the beleaguered asset, with resistance building around $3,310.