Ethereum (ETH) is facing increasing pressure as it recently broke below $1,600. However, amidst this turbulent crypto climate, a significant development has emerged. On September 21, a mysterious crypto whale known as “0xb154” transferred over $8.1 million in Ethereum from Binance, a leading cryptocurrency exchange, to a non-custodial wallet.
What makes this move interesting is that the whale has chosen to diversify its assets away from Binance amidst the current market uncertainty. This decision may indicate a certain level of trust in Ethereum and the broader Ethereum ecosystem. However, the exact motivations behind this maneuver remain unclear at this point.
However, it is worth admitting that ETH is down 4% from its peak on September 21, moving further away from its highs where it briefly surpassed $2,100 in April 2023.
Movements of the Mysterious Whale
This is not the first time the mysterious whale has made significant fund movements. on September 6 BinanceThey had withdrawn a staggering 9,688 ETH from , which is equivalent to $15.8 million. Additionally, less than two weeks ago, the whale deposited a remarkable 22,340 ETH on Binance, worth $41.2 million.
A deeper look at the whale’s address reveals a significant holding of 24,556.59 ETH, worth over $38.8 million at current market rates. Besides ETH, other peripherals including ZUM and SWISE are also available at the address. altcoin‘s also have smaller assets.
Koinfinans.com Interestingly, this whale is not just a passive ETH holder, as we reported. They have also been active in the non-fungible token (NFT) space. Historical data shows that the investor purchased over 100 NFTs, spending an average of 0.2641 ETH per NFT. The last NFT purchases were recorded on September 21.
Accumulation of NFTs by this whale, broader crypto- It has been going on since the beginning of April 2023, when the market experienced significant fragility. NFT trading volumes are down over 90% from their 2021 peaks. Meanwhile, ETH prices have fallen by 25% from their April 2023 highs, and recent bearish pressure has pushed the coin below the critical $2,000 psychological level. Candlestick patterns suggest that ETH may face further downside risk and could potentially retest $1,400 or even the March 2023 lows if the selling pressure continues.
As a result, ETH is plagued by market volatility and price fluctuations. On the other hand, the actions of this crypto whale named 0xb154 offer an intriguing perspective on their reliance on ETH and NFTs against the backdrop of a highly dynamic and uncertain crypto landscape.