Ethereum ($ETH) – Someone just sent 59,900 Ether to Binance
What happened: An anonymous cryptocurrency wallet containing $89,573,362 worth of Ethereum ETH/USD have just transferred their funds to Binance. The Ethereum wallet address linked to this transfer has been identified as:
You can see more details of the transaction here.
Why is this important: Abnormally large cryptocurrency transfers from wallets to exchanges are usually a bearish signal. Most high net worth cryptocurrency traders hold their funds on a hardware wallet because these devices offer better security than cryptocurrency exchanges. Hardware wallets store investors’ private keys offline, securing their digital assets from online hacks.
When whales transfer Ethereum to an exchange, it usually means that they are looking for liquidity. The investor is unlikely to consider holding their crypto on Binance, as the security risks of holding large amounts of cryptocurrency on an exchange are higher than holding these assets in a hardware wallet. It is likely that this Bitcoin whale is planning to either sell Ethereum or trade it for other altcoins.
Price action: Ethereum is up 0% 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 reviewed by an editor.