Big Wallets Continues Making Significant Moves Withdrawing Ethereum From Exchanges

Justin Sun and other major players have been accumulating ETH, suggesting a bullish sentiment ahead of the rumored launch of the Ethereum Spot ETF on July 2.

Digital asset investment products faced outflows last week, with total outflows reaching $584 million, shaving off $1.2 billion in total, according to CoinShares.

Bitcoin led the pack with outflows of $630 million, while Ethereum saw $58 million in outflows. In contrast, multi-asset products attracted inflows of $98 million, suggesting that investors view weakness in the altcoin market as a buying opportunity.

According to CoinShares, digital asset investment products experienced outflows of $584 million last week, with Bitcoin outflows reaching $630 million, Ethereum outflows reaching $58 million, and multiple asset products inflows reaching $98 million, indicating that investors see weakness…

— Wu Blockchain (@WuBlockchain) June 24, 2024

On the other hand, on-chain data from Spot On Chain suggests that Justin Sun may have contributed to a 6% drop in ETH’s value on Monday by withdrawing large sums of Ethereum from Binance.

Sun’s wallet, 0xdbf, executed four transactions to withdraw a total of 13,967 ETH from Binance at an average price of $3,494, costing approximately $48.8 million, now valued at $48.5 million. Later, this wallet supplied 9,331 ETH to Aave.

Wallet 0xdbf (likely #JustinSun) withdrew another 4,629 $ETH ($16.07M) from #Binance at $3,472 ~8hrs ago.

Overall, in the past 3 days, this wallet has withdrawn 13,967 $ETH ($48.8M) from Binance at an avg price of $3,494.

Follow @spotonchain and set alerts for the wallet now:… https://t.co/ozvNN9KVhL pic.twitter.com/eTbffY7b0H

— Spot On Chain (@spotonchain) June 24, 2024

Big Wallets Continue Withdrawing Ethereum From Exchanges

Moreover, wallet 0xaa1, linked to “czsamsunsb.eth,” withdrew 8,310 ETH, valued at $28.3 million, from Binance. This wallet is notably linked to a smart trader who earned 193 ETH (~$600K) in just four hours from the EZETH depeg last April.

Despite the current dip, smart traders and major players like Justin Sun have been accumulating ETH. This activity suggests a bullish sentiment ahead of the rumored launch of the Ethereum Spot ETF on July 2.

The accumulation by these influential traders indicates confidence in Ethereum’s future prospects, potentially signaling a strategic buying opportunity during the current market downturn.

News source：https://www.kdj.com/cryptocurrencies-news/articles/wallets-continues-moves-withdrawing-ethereum-exchanges.html

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