Whale Deposits 25,700 ETH Worth $49.52M on Binance Exchange

• Crypto whale transferred 25,700 ETH to Binance, equivalent to approximately $49.52 million.
• A similar ETH amount was transferred from Binance between November 3 and 6.
• ETH gains between both transactions reflect a $1.81 million profit.

Popular Chinese crypto journalist Colin Wu has spotted a blockchain wallet that made a significant ETH transaction today, November 9, 2023. Wu posted on X (formerly Twitter) that the particular wallet transferred 25,700 ETH to Binance, equivalent to approximately $49.52 million.

A user transferred a similar ETH amount from the Binance exchange between November 3 and 6, and Wu suspected that the same person could be responsible for both transactions. The value of the 25,700 ETH when it was transferred out of Binance was $47.71 million, according to Wu, who suggested the user could have made a $1.81 million profit between both transactions.

The timing and value change of the transferred tokens reflect Ethereum’s current market condition. The flagship altcoin has been in a consistent uptrend, characteristic of a bullish market. On November 3, Ethereum opened trading at $1,801, and in the past six days, the price rose to $1,930 before dropping slightly to trade at $1,914 at the time of writing, based on data from TradingView.

Ethereum’s latest rally started on October 12, when the price bounced off a significant support at $1,520. The top altcoin gained 22.66% in the first twelve days of the rally before entering into consolidation. Despite several predictions of a pullback, Ethereum has continued trending upward and clearing significant resistances. The pioneer altcoin’s next major target is $2,029, a level established after a 25% rally between June and July.