Whale Buys $15.2M in ETH Using USDT on Binance, Analysis Reveals
CryptoNewsTerminal Staff21 May, 2024
Whale Buys $15.2M in ETH Using USDT on Binance, Analysis Reveals
On-chain crypto analyst EmberCN recently analyzed that "a specific whale using the ENS address jitrust.eth has deposited around USDT 15.2 million into Binance over a duration of about 2 weeks and withdrew 4,232 ETH on 21st." The analyst's estimations suggest that the whale purchased ETH at an average price of $3,593, based on on-chain data. This significant purchase of ETH by a whale indicates strong bullish sentiment in the cryptocurrency market, as whales are known to make large investments when they anticipate price increases. Market participants should closely monitor the price action of ETH in the coming days and weeks to assess if this whale's purchase signals a broader market trend.