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The sharp declines in the cryptocurrency market in recent days have also accelerated the movements of whales. The transfers, particularly noticeable in the Ethereum market, suggest that market volatility may increase even further.
According to market data, Trend Research has transferred a large amount of $ETH as part of a loan repayment. In the last 15 hours, the company sent a total of 246,075 $ETH (approximately $469.23 million) to Binance. This brings the total amount transferred to Binance recently to 434,663 $ETH (approximately $896.1 million).
Meanwhile, another whale wallet that had been inactive for two years has become active again. This address withdrew 10,000 $ETH (approximately $19.27 million) from Binance. The same whale had previously withdrawn a total of 43,562 $ETH ($104.2 million) from the exchange between March 11, 2023, and April 19, 2024, using it for staking.
On the other hand, Binance, the world’s largest cryptocurrency exchange, made purchases worth $233.37 million with its SAFU fund during the downturn.
Investors who suffered losses due to market fluctuations are also noteworthy. One whale lost approximately $11.97 million by depositing 3,947 $ETH ($7.53 million) that he had held for four months onto Binance. This investor initially withdrew 6,947 $ETH from Binance for $29 million, but was forced to reinvest his assets at $17.04 million.
However, it appears that some long-dormant wallets are also viewing the dip as a buying opportunity. An address known as “0x1342” has become active again after a year of silence and withdrew 1,892 $ETH ($3.75 million) from Binance approximately 30 minutes ago.
*This is not investment advice.