Why Did This Ethereum Whale Just Withdraw $31.8 Million From Binance?

Ethereum Whales Withdrawing Millions From Exchanges As Price Rises

According to reports from crypto tracker Spot On Chian, a major Ethereum whale known as 0xb15 has withdrawn over 17,000 ETH (worth $31.8 million) from Binance exchange over the past day. This large withdrawal comes as Ethereum’s price has risen around 2% over the last 24 hours to trade near $1,880.

0xb15 is described as a “smart whale” who has a history of well-timed trades, often buying low and selling high to lock in millions in profit from Ethereum price swings. Just yesterday, this whale deposited ETH to Binance near a local peak price, selling to realize a $5.48 million profit.

When whales move large amounts off exchanges, it can signal a belief that prices may rise further. By withdrawing to private wallets rather than keeping coins on an exchange, whales reduce liquid supply available on exchanges and decrease the risk of having their funds frozen or seized.

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The recent whale transfers show sophisticated traders see upside potential in Ethereum at current price levels. With excitement around the upcoming Shanghai upgrade and ETH staking continuing to build, further whale withdrawals from exchanges could precede additional gains for Ethereum in the short term.

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Petar Jovanović
Petar Jovanović

As the Head of Content at Captainaltcoin, I bring years of experience in the crypto industry. With a strong belief in the potential of the web3 market since 2017, I'm passionate about sharing valuable insights and knowledge. Feel free to connect with me on LinkedIn and let's discuss the exciting world of cryptocurrencies and decentralized technologies!