- Ethereum’s whale wallet moves 30,000 ETH to Binance, indicating major transactions by large holders this month.
- Substantial increase in Ethereum deposits on exchanges, with over 72,000 ETH recorded at the start of the month.
Ethereum has seen a marked increase in the volume of coins deposited into exchanges, largely driven by significant transactions from major holders, often referred to as whales.
Recent data by ETHNews, highlights a consistent pattern of these large-scale deposits, particularly focused on a whale wallet that transferred a substantial 30,000 Ethereum, approximately valued at $94 million, to the Binance exchange since the start of July.
On July 9, this specific whale account moved 10,000 Ethereum coins worth around $31 million into Binance. This activity is part of a broader trend where several high-volume accounts have been moving large amounts of Ethereum to exchanges.
According to ETHNews and the analytics platform CryptoQuant, the general trend for Ethereum has been more inflows than outflows on exchanges this month.
A significant peak in these deposits was observed at the beginning of the month, with over 72,000 Ethereum, worth roughly $250 million, entering exchange platforms. This continued pattern of net inflows, with limited outflows, suggests a strategic positioning by large holders possibly in anticipation of market shifts.
Despite this influx of Ethereum into exchanges, the total reserves on these platforms have not seen an increase. This detail was revealed by ETHNews,ย examining the overall reserves, which showed a modest rise recently, though it remains substantially lower than earlier in the month. As of the latest data, these reserves are valued at about $52 billion, down from $57 billion.
The exchange reserves’ reduced dollar value correlates with the recent decline in Ethereum’s price, which also impacts the valuation of held assets. Moreover, the overall volume of Ethereum on exchanges has maintained a consistent level, with figures staying around 16 million Ethereum, suggesting that the scale of transactions has not substantially altered the market’s broader liquidity framework.
Currently, Ethereum’s trading price is around $3,171, showing a slight decline of nearly 1%. This price movement and the observed trends in whale activity and exchange reserves provide insights into the current state of Ethereum’s market dynamics, highlighting cautious trading behavior amidst ongoing market fluctuations.
