Key Points
Whale Activity on Binance
A large-scale Ethereum depositor recently transferred a significant amount of funds to Binance.
This whale is linked to Nexo, according to onchain data.
In the past few days, Nexo or associated wallet addresses have deposited Ethereum into Binance.
This includes an unstaked 18,000 Ethereum, valued over $70.8 million, transferred on Dec. 13.
Lookonchain reported, “A whale (related to #Nexo) deposited 4,946 $ETH ($17.2M) to #Binance again in the past hour.
Since Dec 2, #Nexo has deposited a total of 114,262 $ETH ($423.3M) into #Binance at an average price of $3,705.”
The Ethereum market has seen substantial offloading by whales recently.
Earlier this month, a whale deposited over 22,740 ETH, worth $77.7 million, into Binance to settle debt.
Additionally, $170 million, or 49,910 ETH, was transferred to Binance, with the whale cashing out $137.8 million in stablecoins.
These transactions do not indicate panic selling.
However, this whale activity is part of a trend of similar sell-offs in the past month.
Several large wallets have offloaded Ethereum as the altcoin struggled to rise.
As the Bitcoin price retreated from its all-time high above $108k, Ethereum fell below $3,200.
The rise to nearly $4,000 earlier presented a chance for profit-taking.
Some addresses took this opportunity, contributing to the decline and struggle of bulls.
Apart from Nexo, other notable sellers include the Ethereum Foundation and Justin Sun, the founder of Tron.
Despite the offloading, the price of Ethereum remains resilient, staying above $3k.
At the time of writing, it hovered around $3,448, about 1.2% down in the past 24 hours.
