Largest Crypto Exchange Binance Shocked by $56 Million Ethereum Withdrawal

Ethereum (ETH) whales have initiated a significant buying spree today, accumulating ETH as its price rebounds from recent losses. According to Whale Alert, two substantial Ethereum transactions took place earlier in the day.

In the first transaction, a whale acquired 10,986 ETH from the crypto exchange Binance and transferred it to a private wallet, amounting to approximately $29.26 million at the current price level. Shortly after, another ETH transfer was detected by Whale Alert, where a whale purchased 10,000 ETH from Binance, also transferring it to their private wallet. This purchase is estimated to be worth around $26.72 million. In total, these whales have collectively purchased nearly $56 million worth of Ethereum in a short period.

Whale purchases typically have a bullish impact on the coin as they inject more investment into the market. These large holders are known for holding onto their coins long-term, reducing the likelihood of a potential sell-off. Even during price dips, whales tend to refrain from selling their holdings and may even capitalize on buying opportunities.

Meanwhile, Ethereum’s price has been exhibiting bullish movements in the market today. Currently trading at $2,639, ETH has surged by 8.33% in the last 24 hours, a notable recovery considering the recent crypto market downturn. Despite this positive momentum, ETH remains down by 16.18% over the past seven days.

This upward trend in price, supported by whale activity, indicates a promising recovery for the leading altcoin. With strong bullish signals present, Ethereum is poised for a potential rally, signaling a positive outlook for the coin’s future performance.