Ether whale moves 3k ETH to Binance

An ethereum trader that recently made a $4.49 million profit by trading ETH on the Binance exchange has just transferred 3,000 ETH to the exchange again.

Ether trader moves value

The global cryptocurrency markets have seen a resurgence in recent weeks, overcoming the widespread FUD triggered by the U.S. SEC’s enforcement actions against several market participants.

Ethereum (ETH), the world’s second-largest cryptocurrency, has also witnessed strong bullish momentum this week, hitting a high of over $1,976 on July 3.

However, despite the strong charge of the bulls so far, on-chain data released by Spot on Chain shows an ETH trader, who had previously earned a profit of over $4 million by correctly catching the token’s previous dump-pump cycles, may be anticipating an imminent ether price crash.

You might also like: Revenge trading goes wrong as whale losses $1.88M on ETH shorts

Per a Twitter thread by the researchers, the trader has transferred 3000 ETH (worth around $5.87 million at the time) to Binance. The whale previously accumulated ETH during the Nov 2022 and Jun. 2023 lows at an average purchase price of $1,218.

At press time, the global crypto market capitalization stands at around $1.22 trillion, representing a 0.83% increase in the last 24 hours, according to CoinMarketCap.

Ether (ETH) is exchanging hands for $1,960, representing a decent 4.2% increase on the weekly timeframe. ETH has a 24-hour trading volume of $7,638,161,476, with a market cap of $235,672,969,963, according to data available on CoinGecko.

Read more: BlackRock files new bitcoin ETF application amid SEC’s concerns