Whale Moved 73K Ethereum (ETH) To This Exchange, How Was The Price Affected?

On-chain researcher lookonchaina whale’s large sum of cryptocurrencies Binanceafter moving to EthereumHe warned of selling pressure in .

Ethereum Price Drops After Whale Moves 73K ETH to Binance

ETH slumped early on Monday after reports of massive transfers of cryptocurrencies to Binance.

ETH is down about 4% to $1,170. A whale address moved 73,224 ETH worth $85.67 million to Binance, according to an analysis by on-chain researcher Lookonchain.

Investors usually transfer coins to centralized exchanges when they want to sell them or use them as margin in derivatives transactions. Therefore, an increase in stock market entries often leads to increased price volatility.

“Watch out for ETH’s selling pressure,” Lookonchain tweeted after noting a massive entry into Binance.

The whale who removed 84,131 $ETH ($101M) from Curve 3 days ago is transferring $ETH to #Binance.

He transferred a total of 73,224 $ETH ($85.7M) to #Binanceleaving 11,884 $ETH ($13.9M).

Watch out for selling pressure of $ETH!https://t.co/8KRdt8kopHhttps://t.co/voRXKZIhSF pic.twitter.com/7VYHFhlUQV

— Lookonchain (@lookonchain) November 28, 2022

According to Lookonchain, the address carrying over 73,000 ETH to Binance was the one that pulled 84,131 ETH from decentralized exchange Curve’s staked Ethereum (stETH) liquidity pool last week.

The price of Staked-Ethereum (stETH) token from liquid staking protocol Lido has dropped to 0.97 ETH after the whale withdraws over 84,000 ETH from the Curve pool.

Recently, ETH developers announced that they have decided to evaluate eight Ethereum Improvement Proposals (EIPs) for inclusion in the network’s upcoming hard fork called “Shanghai”.

The hard fork upgrade will unlock staked ETH withdrawals on the Beacon Chain and include other proposals designed to improve the ETH Virtual Machine, addressing scalability issues.

*Not investment advice.