A whale that recently deposited a huge amount of Ethereum funds to Binance has offloaded another $17 million to the crypto exchange.
The whale is related to Nexo, as indicated by onchain data.
In recent days, Nexo or wallet addresses related to the crypto platform have deposited ETH into the centralized crypto exchange. It includes 18,000 unstaked Ethereum worth over $70.8 million moved to the exchange on Dec. 13.
“A whale (related to #Nexo) deposited 4,946 $ETH ($17.2M) to #Binance again in the past hour. Since Dec 2, #Nexo has deposited a total of 114,262 $ETH ($423.3M) into #Binance at an average price of $3,705.”
Lookonchain
The Ethereum market has witnessed a significant offloading by whales in recent weeks.
A whale deposited over 22,740 ETH worth $77.7 million into Binance earlier this month, using the funds to settle debt. $170 million, or 49,910 ETH, also made its way to Binance, the whale involved cashing out $137.8 million in stablecoins.
While the transactions aren’t much of a panic selling, the whale’s behaviour adds to similar sell-offs seen in the past month.
A number of large wallets have dumped ETH as the altcoin struggled to break higher.
With BTC price retreating from its all-time high above $108k, Ethereum dropped to below $3,200. The gains to nearly $4,000 earlier provided a profit-taking opportunity. Some addresses took the cash, contributing to the decline and struggle engulfing bulls.
Other than Nexo, which has been active in recent days, some notable sellers have included the Ethereum Foundation. Justin Sun, Tron’s founder, has also been aggressive.
Despite the offloading, ETH’s price remains resilient, above $3k. It hovered around $3,448 at the time of writing – about 1.2% down in the past 24 hours.
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