A large cryptocurrency holder suddenly transferred $ 46 million to Ethereum in response to the market situation

The cryptocurrency whale recently made a series of significant Ethereum transactions totaling $ 46 million. This has attracted the attention of the cryptocurrency community, as such large asset movements often indicate potential changes in the market.

According to the Spot On Chain platform, the whale used a network of eight wallets to withdraw funds from Binance and Bitfinex, after which these funds were sent to the Lido protocol for staking. In particular, five wallets were used to withdraw 50.15 million USDT from the decentralized financial protocol Aave, which were then exchanged for 19,021 ETH, equivalent to $ 46.02 million. The other three wallets still hold about 30 million USDT in Aave, which may indicate the possibility of further ETH acquisitions in the future.

These movements occurred during a period of significant fluctuations in the Ethereum market. Over the past 24 hours, the ETH price has dropped by 4.57%, and over the week — by 9.46%, reaching $ 2296. Coinglass analysts also reported liquidations worth $ 53.78 million, of which $ 47.48 million were long positions, which emphasizes the high volatility of the market.

Large transactions by influential players often lead to speculation and can affect market dynamics. Analysts advise traders to be cautious and closely monitor events in the cryptocurrency market to anticipate possible changes.

As a reminder, analysts from CryptoQuant have recorded a significant outflow of funds from one of the world’s major centralized cryptocurrency exchanges, Coinbase. An anonymous user withdrew 16,021 bitcoins worth almost $ 1 billion from the crypto platform. According to analysts, this is the 7th time in 2024 that more than 15,000 bitcoin coins have been withdrawn from this trading platform.