Ethereum Whale Dumps Another $17 Million ETH to Binance

An Ethereum whale, linked to the crypto platform Nexo, has offloaded another significant amount of ETH, transferring 4,946 ETH worth approximately $17.2 million to Binance. This move adds to a series of large Ethereum deposits to the exchange, with Nexo-related wallets having deposited a total of 114,262 ETH, valued at $423.3 million, since December 2. Earlier in the month, Nexo moved over 18,000 unstaked ETH, worth over $70.8 million, to Binance on December 13.

The latest transaction signals that Ethereum whales have been actively offloading large amounts of ETH in recent weeks. Earlier in December, a whale transferred 22,740 ETH, valued at $77.7 million, to Binance to settle debts. Another transaction saw 49,910 ETH, worth $170 million, moved to the exchange, with the whale converting $137.8 million into stablecoins.

While these transactions may not signal panic selling, they align with a broader trend of large sell-offs by Ethereum whales, particularly during periods when ETH struggles to push past significant price levels. Ethereum’s price recently faced a pullback, dropping below $3,200 after reaching nearly $4,000 earlier in the month, giving whales and large holders an opportunity to take profits.

Despite these offloading activities, ETH remains resilient above the $3,000 level. As of writing, Ethereum is priced around $3,448, with a slight 1.2% drop in the past 24 hours. In addition to Nexo, other significant sellers have included the Ethereum Foundation and Justin Sun, the founder of Tron, who has been notably active in recent ETH movements.

While Ethereum’s price shows signs of volatility, its long-term prospects remain solid as the market adjusts to these large transactions.