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Ethereum Whale Makes $50 Million Splash, Moves Holdings to Self-Custody as Price Rebounds | Cryptoglobe

July 11, 2024
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A large cryptocurrency holder, colloquially referred to as a whale, recently transferred 16,449 Ether ($ETH), valued at roughly $50.3 million, out of leading cryptocurrency exchange Binance exchange into self-custody.

The move came as the price of the second-largest cryptocurrency by market capitalization recovered from a slump seen earlier this month to climb above the $3,000 mark, and at a time in which spot Ether exchange-traded funds (ETFs) are expected to soon start trading in the United States.

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According to on-chain analytics firm Spot On Chain, this movement marked the first major Ether accumulation for this particular whale, with the transferred funds being sent to a new wallet, potentially suggesting a long-term holding strategy rather than an immediate sale.

7 hours ago, a whale/institution withdrew 16,449 $ETH ($50.3M) from #Binance as the #Ethereum price rebounded to above $3,000.
This is the whale’s first large $ETH accumulation. So far, it has moved all $ETH to a new wallet and held them there.
Note that the ETH ETF is likely… pic.twitter.com/BBHOvWM3yx

— Spot On Chain (@spotonchain) July 10, 2024

The introduction of an ETF is expected to attract more institutional investors to Ether, potentially leading to a price increase. The cryptocurrency is at the time of writing trading at $3,100 after losing nearly 9% of its value over the past week amid a wider cryptocurrency market downturn.

Analysts expect spot Ether ETFs to be approved as soon as this week, with various issuers having recently filed amended S-1 forms. These amended filings, however, don’t contain fee information, which may mean there will be another round of filings.

Notably, long-term Ethereum investors are now holding around 78% of the cryptocurrency’s circulating supply, which means that buyers who have been holding onto their funds for more than a year now control the majority of circulating ETH.

That’s according to data from on-chain analysis firm IntoTheBlock, which revealed that long-term holders (LTH) recently added more to their wallets as the price of the cryptocurrency dropped amid a wider market downturn.

These long-term investors are less likely to sell their coins compared to those who have held them for a shorter period. The trend of LTH dominance is seen as a bullish sign for Ethereum, suggesting growing confidence among investors, with the significant concentration they now have effectively taking a significant amount of the cryptocurrency out of circulation, limiting potential downward pressure on the price.

Featured image via Unsplash.

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Disclaimer: Information found on cryptoreportclub.com is those of writers quoted. It does not represent the opinions of cryptoreportclub.com on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
cryptoreportclub.com covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023-2025 Cryptoreportclub. All Rights Reserved