Ethereum whales are starting to stay away from Binance

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Ethereum whales are starting to stay away from Binance
Ethereum whales are starting to stay away from Binance

Notably, Ethereum (ETH) whales withdrew large amounts of ETH from exchanges. According to recent analysis, this transfer reduces the supply of ETH held by exchanges. The number of transactions by these whales shows increased market participation.

Ethereum (ETH) whales have moved large amounts of ETH off exchanges, according to recent analysis. Judging from recent transactions, what is the ETH supply situation on the exchange?

Ethereum whales continue to withdraw funds

A recent message from Lookonchain stated that Ethereum “whales” are constantly withdrawing ETH from the Binance exchange.According to data Ether scanOn November 4, the whale withdrew 8,968 ETH, and on November 5, it withdrew another 8,618 ETH.

Through these transactions, the total amount of ETH withdrawn in the past two days is 17,316 ETH. To date, the total amount of ETH withdrawn by this whale from the exchange has reached nearly $32 million.

Exchange Ethereum Supply Analysis

Analysis of Ethereum by the exchange shows a decrease in the number of assets held by the exchange. The graph shows a significant decline starting around October 23rd.

During this period, the supply decreased from more than 10.7 million ETH to approximately 10.6 million ETH.

Furthermore, this drop indicates that more ETH is being withdrawn from exchanges. This could indicate increased confidence in a stable bullish trend and a desire to accumulate Ethereum volumes.

Furthermore, as of this writing, the exchange supply remains approximately 10.6 million ETH. However, the chart also shows it is approaching the 10.7 million mark.

Chart with data from Exchange Netflow glass node Shows that the number of assets being withdrawn from exchanges is increasing. This is especially noteworthy for Ethereum, as the amount of ETH leaving exchanges has exceeded the amount being deposited in recent days.

This information highlights that a large number of ETH withdrawals have occurred on various exchanges, indicating that ETH is flowing out of these platforms in large quantities.

Whale trade increases

Subsequent analysis of Ethereum whale transactions on Santiment with amounts over $100,000 and $1 million revealed a significant increase in trading activity. When looking at transactions over $100,000, the data shows the total number of such transactions was 179.

The figures reflect a significant increase in the activity of such whales in recent years.

Additionally, the $1 million trading portfolio also showed high activity. At this point, approximately 12 transactions have been recorded. These numbers show high engagement and increased activity from Ethereum whales.

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