{"id":345576,"date":"2023-09-22T21:00:08","date_gmt":"2023-09-22T15:30:08","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=345576"},"modified":"2023-09-22T15:52:45","modified_gmt":"2023-09-22T10:22:45","slug":"whale-acquires-ethereum-in-bulk-whats-going-on","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/whale-acquires-ethereum-in-bulk-whats-going-on\/","title":{"rendered":"Whale acquires Ethereum in bulk: What&#8217;s going on?"},"content":{"rendered":"<ul>\n<li><em>The whale&#8217;s latest move involved a withdrawal of 5,040 coins from Binance.\u00a0<\/em><\/li>\n<li><i>On-chain data didn&#8217;t show a significant increase in whale holdings.<\/i><\/li>\n<\/ul>\n<p>Whale activity has been a subject of great interest in the crypto space, with analysts and traders keeping a close eye to gain actionable insights. One such interesting move was recently brought to attention thanks to on-chain data.<\/p>\n<hr \/>\n<p style=\"text-align: center;\">Is your portfolio green? Check out the\u00a0<a href=\"http:\/\/ambcrypto.com\/calculator\/ethereum-profit-calculator\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">ETH Profit Calculator<\/a><\/p>\n<hr \/>\n<h4>Whales hoarding on ETH?<\/h4>\n<p>According to a post by Lookonchain dated 21 September, a smart money investor pulled out a massive quantity of 5,040 Ethereum [ETH] tokens from crypto exchange Binance [BNB]. But that&#8217;s not all.<\/p>\n<p>The seasoned investor has been on an accumulation spree since the beginning of September, increasing his ETH portfolio by a whopping 24,500 tokens. At going market price, this equated to more than $39 million.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">The smart whale withdrew 5,040 <a href=\"https:\/\/twitter.com\/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$ETH<\/a>($8.17M) from <a href=\"https:\/\/twitter.com\/hashtag\/Binance?src=hash&amp;ref_src=twsrc%5Etfw\">#Binance<\/a> again ~20 mins ago.<\/p>\n<p>And the whale has withdrawn a total of 24,548 <a href=\"https:\/\/twitter.com\/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$ETH<\/a>($40M) from <a href=\"https:\/\/twitter.com\/hashtag\/Binance?src=hash&amp;ref_src=twsrc%5Etfw\">#Binance<\/a> since Sept 5, with an average withdrawal price of $1,631.<a href=\"https:\/\/t.co\/J0BhAsGJhQ\">https:\/\/t.co\/J0BhAsGJhQ<\/a> <a href=\"https:\/\/t.co\/xxb6MQ3L19\">pic.twitter.com\/xxb6MQ3L19<\/a><\/p>\n<p>&mdash; Lookonchain (@lookonchain) <a href=\"https:\/\/twitter.com\/lookonchain\/status\/1704781676055069001?ref_src=twsrc%5Etfw\">September 21, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The above findings were backed by another set of data from popular blockchain analytics firm CryptoQuant. ETH outflows from Binance have surged on a month-to-date (MTD) basis. Notably, ETH&#8217;s value fell during the same time period.<\/p>\n<figure id=\"attachment_345596\" aria-describedby=\"caption-attachment-345596\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Ethereum-Exchange-Outflow-Total-Binance.png\"><img decoding=\"async\" class=\"size-full wp-image-345596\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Ethereum-Exchange-Outflow-Total-Binance.png\" alt=\"\" width=\"2560\" height=\"1612\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Ethereum-Exchange-Outflow-Total-Binance.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Ethereum-Exchange-Outflow-Total-Binance-300x189.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Ethereum-Exchange-Outflow-Total-Binance-1024x645.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Ethereum-Exchange-Outflow-Total-Binance-768x484.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Ethereum-Exchange-Outflow-Total-Binance-1536x967.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Ethereum-Exchange-Outflow-Total-Binance-2048x1290.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-345596\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<p>Whales, or smart money investors, are well recognized for strategically entering into accumulation mode when prices fall. They use the \u201cBuy the Dip\u201d strategy, which involves adding to an existing long position of a fundamentally strong asset.<\/p>\n<p>The above findings reaffirmed seasoned investors&#8217; confidence in Ethereum&#8217;s long-term potential.<\/p>\n<h4>Contradicting data emerges<\/h4>\n<p>However, this argument was not supported by all corners of the crypto industry. Prominent on-chain sleuth <a href=\"https:\/\/x.com\/ali_charts\/status\/1704866562568544523?s=20\" target=\"_blank\" rel=\"noopener\">Ali Martinez<\/a> took to X (formerly Twitter) to claim that there was no concrete evidence to suggest that whales were mass-purchasing ETH coins.<\/p>\n<figure id=\"attachment_345608\" aria-describedby=\"caption-attachment-345608\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Ethereum-whales-2.jpg\"><img decoding=\"async\" class=\"size-full wp-image-345608\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Ethereum-whales-2.jpg\" alt=\"\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Ethereum-whales-2.jpg 1800w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Ethereum-whales-2-300x169.jpg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Ethereum-whales-2-1024x576.jpg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Ethereum-whales-2-768x432.jpg 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Ethereum-whales-2-1536x864.jpg 1536w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><\/a><figcaption id=\"caption-attachment-345608\" class=\"wp-caption-text\">Source: @alicharts\/Glassnode<\/figcaption><\/figure>\n<p>His findings were based on data from Glassnode, which didn&#8217;t show a notable increase in the holdings of whales in September.<\/p>\n<hr \/>\n<p style=\"text-align: center;\">Read <a href=\"http:\/\/ambcrypto.com\/predictions\/ethereum-price-prediction\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">Ethereum&#8217;s [ETH] Price Prediction<\/a>\u00a02023-24<\/p>\n<hr \/>\n<h4>ETH trading in the red<\/h4>\n<p>ETH, the second-largest cryptocurrency by market cap, dipped below $1,600 over the last few days, per <a href=\"https:\/\/coinmarketcap.com\/\" target=\"_blank\" rel=\"noopener\">CoinMarketCap<\/a>. Atulya Bhat, CMO of Indian cryptocurrency exchange BuyUcoin attributed this to concerns over the Federal Reserve&#8217;s tight monetary policy.<\/p>\n<p>The U.S. Central bank left the interest rate unchanged in the recent <a href=\"https:\/\/www.federalreserve.gov\/monetarypolicy\/fomcpresconf20230920.htm\" target=\"_blank\" rel=\"noopener\">FOMC meeting<\/a> but signaled one more rate hike by the end of the year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A smart money investor accumulates about 24,500 Ethereum tokens in September, even as price of the largest altcoin falls in the last few days.<\/p>\n","protected":false},"author":80,"featured_media":345577,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,32,66,3,4,20],"tags":[],"class_list":["post-345576","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-ethereum-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Whale acquires Ethereum in bulk: What&#039;s going on? 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