Sunday, June 16, 2024

Massive Whale Withdrawals: Ethereum (ETH) Worth Over $150 Million Pulled Out from Binance and Kraken Crypto Exchanges

Crypto Whales Withdraw Over $150 Million in Ethereum (ETH) from Binance and Kraken.

In a significant move within the crypto market, three prominent whales recently executed substantial withdrawals, totaling more than $150 million worth of Ethereum (ETH), from the renowned exchanges Binance and Kraken. As per the blockchain tracker Lookonchain, these whales utilized newly created wallets for their transactions, emphasizing their deliberate actions.

The first whale displayed an impressive maneuver, extracting a staggering sum of 35,860 ETH, valued at over $64 million, from Binance through a series of strategic transactions. Meanwhile, the second whale opted for a different approach, withdrawing 27,000 Ethereum, equivalent to more than $48 million, from Binance across four separate withdrawals. Lastly, the third whale seized an opportunity on Kraken, retrieving 23,660 ETH, worth more than $42 million, through five well-calculated transactions.

These massive withdrawals are potentially indicative of a growing trend among traders to take control of their crypto assets amidst the recent surge in regulatory crackdowns within the US digital asset sector. Notably, the US Securities and Exchange Commission (SEC) recently filed lawsuits against both Binance, the largest global crypto exchange by trading volume, and its CEO, Changpeng Zhao, accusing them of violating securities laws. In a surprising turn of events, the SEC also targeted Coinbase, a leading US-based crypto exchange, alleging the company’s operation as an unregistered securities exchange, broker, and clearing agency.

Despite the prevailing regulatory uncertainties, it’s worth noting that select crypto traders continue to thrive in the digital asset marketplace. In fact, Lookonchain’s analysis highlights the impressive performance of a particular “smart whale” who has lucratively earned over $6 million by trading Lido Staked Ether (stETH) over the past three months.

As the crypto landscape continues to evolve and navigate the regulatory landscape, the actions of these influential whales reflect the ongoing dynamics and complexities shaping the industry.

Read Also: Renowned Economist Alex Krüger Highlights BlackRock Bitcoin ETF Filing as a Lucrative Opportunity for BTC Bulls

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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