Big Wallets Continues Making Significant Moves Withdrawing Ethereum From Exchanges-web3.0-php.cn

Big Wallets Continues Making Significant Moves Withdrawing Ethereum From Exchanges

Jun 25, 2024 pm 01:38 PM

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.

Big Wallets Continues Making Significant Moves Withdrawing Ethereum From Exchanges

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Overall, in the past 3 days, this wallet has withdrawn 13,967 $ETH ($48.8M) from Binance at an avg price of $3,494.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