Ethereum, one of the leading cryptocurrencies, is currently facing pressure in the market as its price drops below $1,600. However, recent on-chain data reveals an interesting development involving a crypto whale named “0xb154”. This whale has moved a significant amount of Ethereum from Binance, a popular cryptocurrency exchange, to a non-custodial wallet.
On September 21, the ETH whale transferred over $8.1 million worth of the cryptocurrency. This move is crucial because when crypto prices contract, investors tend to withdraw their holdings from non-custodial wallets and deposit them on centralized exchanges like Binance and Coinbase. These centralized platforms support stablecoins or fiat currencies, such as the Euro or JPY, which offer a secure and less volatile alternative. The fact that this whale is moving coins away from Binance, despite the heightened volatility in the market, could signal confidence in Ethereum and the broader Ethereum ecosystem. It is unclear what could have motivated the whale to make this move at this particular time.
However, it is evident that Ethereum has experienced a decline of approximately 4% from its peak on September 21, moving further away from its high point in April 2023 when it reached over $2,100. This recent movement of funds by the whale is not the first occurrence. On September 6, the whale withdrew 9,688 ETH worth $15.8 million from Binance. Even earlier, the whale transferred 22,340 ETH, worth $41.2 million, to Binance. The address associated with this whale currently holds 24,556.59 ETH, which is worth over $38.8 million at current spot rates. Additionally, the address also holds small amounts of other altcoins like ZUM and SWISE.
Apart from holding Ethereum, the whale has also been actively involved in the non-fungible token (NFT) scene. Over time, the whale has acquired over 100 NFTs, spending an average of 0.2641 ETH per purchase. The latest NFT purchase by the whale occurred on September 21. Since early April 2023, the whale has accumulated more than 35 ETH through NFT acquisitions.
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It is interesting to note that the whale has been accumulating more Ethereum and NFTs during a period of fragility in the crypto market. For instance, the trading volume of NFTs has declined by more than 90% from its peak in 2021. This indicates that the whale’s confidence in Ethereum and NFTs remains strong despite the current market conditions.
Currently, ETH prices are down 25% from their peak in April 2023. Bearish sentiment has pushed the coin below the lows experienced in June 2023, making it move further away from the psychological $2,000 level. Candlestick arrangements on the price chart suggest weakness in the market, indicating the possibility of further downward movement to around $1,400 or even the lows reached in March 2023 if sellers continue to exert pressure.
In conclusion, the movement of funds by the Ethereum whale, “0xb154”, from Binance to a non-custodial wallet suggests confidence in the future prospects of Ethereum and the broader Ethereum ecosystem. Furthermore, the whale’s active involvement in the NFT market despite its current fragility demonstrates a strong belief in the long-term value of NFTs. Despite the recent price decline, Ethereum continues to be an influential player in the crypto market, and the actions of whales like “0xb154” provide valuable insights into the sentiment and behavior of large-scale investors.
