Whale Alert: 26.7 Million ETH Deposited to Binance
CryptoNewsTerminal Staff03 Jun, 2024
Whale Alert: 26.7 Million ETH Deposited to Binance
A whale address (starting with 0x3478) has deposited 26.7 million ETH to Binance. This follows a pattern of large ETH deposits to Binance by whale addresses in recent weeks. The address had built a buy position of 50,732 ETH since September 19 last year and currently holds 36,784 ETH (worth $140 million). The reasons for these large deposits are unclear, but they could be related to a number of factors, including: Short-term trading: Whales may be depositing ETH to Binance in order to take advantage of short-term price movements. Long-term storage: Whales may be depositing ETH to Binance for long-term storage, as the exchange offers a secure and convenient way to store cryptocurrencies. * Selling ETH: Whales may be depositing ETH to Binance in order to sell it for other cryptocurrencies or fiat currencies. Whatever the reason, these large ETH deposits are a sign that whales are increasingly using Binance as a platform for trading and storing their cryptocurrencies.
