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Chart provided by the CryptoQuant analytics aggregator shows that earlier today, 527,459 ETH was withdrawn from Binance in merely ten minutes – something that only financial institutions or other whales are able to pull off.
Are institutions are buying Ethereum dip?
The fiat value of the withdrawn half a million ETH is equal to a whopping $1,524,897, as shows a chart provided by Glassnode.
At the time of writing, the second largest cryptocurrency, Ethereum, is trading at $2,895, according to the data from CoinMarketCap.
That’s still 34 percent below the coin’s all-time high of $4,376 reached on May 12. The amount of Ether withdrawn indicates that this could be financial institutions purchasing the ETH dip while the price is almost twice lower that the recent all-time high.
Someone in the comments has assumed that whales are preparing for Ethereum’s move to the Proof-of-Stake consensus protocol, therefore hinting that these funds may be soon locked in the ETH 2.0 deposit contract.
CryptoQuant clarifies the situation
The agency commented that this ETH shifts were made internally as Binance moved the funds to its cold wallets.
“We found that these outliers were internal transfers to the new Binance cold wallets. Data will be changed shortly. Apologies for the confusion.”
ETH locked for ETH 2.0 staking hits 4.9 million ATH
A few hours ago, Glassnode team published a chart to show that the amount of Ether locked in the ETH 2.0 deposit contract has reached a new all-time high of 4,944,034 ETH.
This totals a mind-blowing $14,284,023,286.
On May 25, when the TVL totalled 4,884,994 ETH, the network had 143,266 active validators with daily amount of them increasing by 963, as per the @eth2validators Twitter account.
Number of wallets with 1,000+ ETH drops
As Ethereum is still way below its recent all-time high with many expecting the coin to skyrocket in the near future, whales seem to be purchasing more ETH.
Data shared by the Glassnode team shows that the amount of wallets holding 1,000+ ETH has reached a 4-year low of 6,349.