Ethereum Whale Transfers 46,793 ETH to Binance

Ethereum, the world’s second-largest digital currency, reported a spike in its network activity in the last few days amid a record rally in the price of ETH. Crypto whales accelerated the movement of Ethereum this week after ETH crossed the $4,000 price level.

According to the latest data published by crypto analytics firm, Whale Alert, a large Ethereum address moved 46,793 ETH worth more than $181 million to cryptocurrency exchange, Binance. The mentioned transaction was executed on 11 May at 4:01 UTC.

The latest Ethereum transaction from a crypto wallet to digital exchange, Binance came as a surprise as leading crypto exchanges around the world reported massive ETH outflows in the last few days. According to Glassnode, cryptocurrency exchanges now hold nearly 12% of the total ETH supply, compared to 17% in September 2020.

ETH touched an all-time high of nearly $4,200 yesterday after the market cap of the world’s second-most valuable digital currency reached approximately $480 billion. Despite a small correction of 5% in the last 24 hours, Ethereum is up by more than 16% in the last 7 days.

Ethereum Whales

Large ETH accounts are moving Ethereum from crypto exchanges to unknown wallets. Whale Alert highlighted a crypto transaction earlier today involving the movement of 30,000 ETH worth over $115 million from to an unknown digital wallet. A large Ethereum account transferred 15,400 ETH on 11 May from cryptocurrency exchange Gemini to an unknown digital wallet. A surge in ETH-related institutional inflows is also playing a major role in the movement of the world’s second-most valuable cryptocurrency in large amounts. CoinShares, a leading digital asset management firm, recently published its weekly digital asset fund inflows report and mentioned that Ethereum investment products attracted $60 million worth of institutional inflows last week.

The latest jump in the price of ETH has pushed the total value of Grayscale’s Ethereum assets under management to $12.5 billion. The company now holds more than 3.1 million ETH along with 650,000 Bitcoin (BTC).

(Photo: Binance/FortuneZ)

Bitcoin (BTC) $ 23,388.27 4.14%
Ethereum (ETH) $ 1,842.96 5.43%
Tether (USDT) $ 1.00 0.12%
USD Coin (USDC) $ 1.00 0.14%
BNB (BNB) $ 307.23 4.54%
XRP (XRP) $ 0.374305 3.36%
Binance USD (BUSD) $ 1.00 0.07%
Cardano (ADA) $ 0.538307 6.26%
Solana (SOL) $ 40.93 7.71%
Dogecoin (DOGE) $ 0.081345 6.40%
S&P 500  ^GSPC 
$4,274.04  $31.16  (-0.72%)
Dow Jones Industrial Average  ^DJI 
$33,980.32  $171.68  (-0.50%)
NASDAQ Composite  ^IXIC 
$12,938.12  $164.43  (-1.25%)
Russell 2000  ^RUT 
$1,987.31  $33.22  (-1.64%)
Crude Oil Sep 22  F*CL.NYM 
$87.73  $0.3800  (-0.43%)
$0.0000  $0.0000  (0.00%)