Recent data from Spotonchain reveals that FTX and Alameda Research have made significant deposits of 4,500 ETH ($14.4 million) to Coinbase and Binance in the past 24 hours, signaling continued activity in the Ethereum market.
This follows a trend observed since March 1, where the two entities have deposited a total of 20,350 ETH ($72.5 million) into centralized exchanges (CEX), often preceding notable price drops.
#FTX and #Alameda Research deposited another 4,500 $ETH ($14.4M) to #Coinbase and #Binance at ~$3,207 in the past 8 hours.
Note that, FTX and Alameda have deposited 20,350 $ETH ($72.5M) into CEX, often before significant price drops, since Mar 1.
How will the price react this… https://t.co/1W2PvLIexn pic.twitter.com/NJm6TWJibA
— Spot On Chain (@spotonchain) April 23, 2024
Despite these large deposits, insights from Lookonchain suggest that whales are expressing bullish sentiment and actively accumulating ETH. For instance, address 0x4359, potentially linked to Justin Sun, withdrew 4,666 ETH ($14.91 million) from Binance just 6 hours ago. Since April 8, this address has purchased 132,054 ETH ($420 million) at an average price of $3,173.
Another notable participant, identified by the address “0x9EB0,” withdrew 7,182 ETH ($23.06 million) from Binance in the past 18 hours, indicating strategic positioning within the market. Similarly, address 0x4446 withdrew 11,892 ETH ($37.77 million) from Binance over the last 2 days before going long on ETH by depositing the assets into Compound and borrowing USDT.
Another ETH Whale Withdraws For Staking
Additionally, address 0x1958 withdrew 5,181 ETH ($16.28 million) from Binance 34 hours ago, subsequently staking the assets into Bedrock and Pendle, further reflecting a bullish outlook on the cryptocurrency.
Whales are bullish and accumulating $ETH!
0x4359 (possibly #JustinSun) withdrew 4,666 $ETH($14.91M) from #Binance again 6 hours ago and he had bought 132,054 $ETH($420M) at $3,173 since Apr 8. https://t.co/ET5sqAhv9X
Fresh wallet"0x9EB0" withdrew 7,182 $ETH($23.06M) from… pic.twitter.com/NRakiuqNbp
— Lookonchain (@lookonchain) April 23, 2024
These actions by prominent market participants underscore the complex dynamics at play within the Ethereum ecosystem. While large deposits by FTX and Alameda Research may raise concerns about potential market impact, the concurrent bullish sentiment exhibited by whales suggests underlying confidence in ETH’s long-term prospects.
As the Ethereum market continues to evolve, investors closely monitor whale activity and market trends to inform their decision-making processes amidst a dynamic and rapidly changing landscape.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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