Whale watching bot Whale Alert reports that a huge altcoin whale has transferred a large amount of coins to Binance wallet. This move of the whale carries a potential risk of selling.
Huge whale has piled up Binance wallet from this altcoin project
Data provided by Whale Alert shows that a crypto whale sent 32,868 Ethereum (ETH) to Binance wallet. The whale moved about $50 million in this transaction. The same whale previously bought 73,731 stETH for 70,101 ETH when the price difference between stETH and ETH diverged. The whale then switched back to ETH, making a profit of about 1.5 thousand ETH from this transaction.
Meanwhile, in another recent transfer, Shiba Inu (SHIB) was the subject of a transaction worth approximately $30.48 million. Whale Alert reports that an anonymous whale transferred 3.3 trillion SHIB tokens to an anonymous wallet.
Why are whales active?
Addresses used in transactions were not associated with cryptocurrency markets. Therefore, the transfers may not be about buying and selling the trending meme coin. However, the Shiba Inu team has made a few announcements lately and the big SHIB signings have come in the midst of it. First, the Shiba Inu developers have said they want to unveil their new Metaverse at the South by Southwest (SXSW) festival 2023 in Austin, Texas.
The exhibition will show a virtual reality (VR) tour of the WAGMI temple, one of 11 Shiba Inu venues showcasing the Dogecoin (DOGE) contest.
Ethereum, on the other hand, has offered investors over 30% gains in the last two weeks. It rose from $1,190 to $1,598. The rally brought ETH closer to the November high of $1,680. The above 32,868 Ethereum (ETH) transactions could have the power to wipe out this gain. Whales often transfer cryptocurrencies to exchanges to sell or use in DeFi transactions. cryptocoin.comAs you follow, ETH is currently trading above $1,500, which is far from such a transaction.
ETH traders profit as trading volumes increase
According to Santiment, the 30-day market cap to real value (MVRV) ratio has been positive and higher since January 4th. This indicates that short-term investors have seen incremental gains as of January 4th. However, long-term holders (365-day MVRV) have yet to rise above the neutral line; therefore they have not reported any earnings yet.
In addition, ETH’s development activity has also seen a gradual increase over the past two weeks. This showed that the developers continued to build the network during the same period. The increase in development activity can increase investor confidence and further increase the value of ETH in the long run.
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