Crypto Whale Just Moved $ 39 Million Of Ethereum (ETH) Out Of Binance
What happened: An Ethereum Whale (CRYPTO: ETH) sent $ 39,336,986 worth of Ethereum off Binance today.
The ETH address associated with this transaction has been identified as:
Why is this important: Whales typically send cryptocurrency from exchanges when they plan to hold their investments for an extended period of time. Storing large sums of money on an exchange presents an additional risk of theft, as exchange wallets are the most sought after target by cryptocurrency hackers.
Ethereum whales that run their own validator nodes (costing 32 ETH each) must send their Ether to the Ethereum 2.0 beacon chain, which is then locked down until Ethereum 2.0 launches in 2022.
According to Glassnode, only 12.02% of the total supply remains liquid on all centralized exchanges.
Removing ETH from a stock exchange reduces the potential selling pressure, allowing the price of ether to rise more easily.
See also: Best Crypto Apps 2021 and Best Crypto Wallet Trackers
Price action: Ethereum has fallen 6% in the past 24 hours.
See also: How to buy Ethereum
Public Blockchain data from Twitter Whale Alerts.
This article was generated by Benzinga’s automated content engine and edited by an editor.