• A whale recently withdrew 15,500 Ethereum (ETH) worth $20 million from various liquidity pools.
• The whale then transferred the withdrawn amount to Binance exchange.
• Ethereum has been experiencing decreasing trade volume.
The cryptocurrency market has recently seen a surge in the prices of cryptocurrencies, especially Bitcoin, which has been struggling to move beyond $15,000 but has now successfully captured $17.5 levels. This has resulted in a bullish market. However, even with the positive outlook, one of the Ethereum whales has recently withdrawn 15,500 Ethereum (ETH) which is worth nearly $20 million.
This withdrawal was tracked by Lookonchain, a on-chain analytic firm who revealed via Twitter post that the whale had withdrawn the said amount from various liquidity pools such as Convex, Lido, Curve and Balancer. After the withdrawal of the 15,500 ETH tokens, the whale then transferred the $20 million to Binance exchange. The firm also noted that back in September 2022, the whale had 30,000 ETH and now after the withdrawal, the whale is worth just $19.58.
This news of the Ethereum whale withdrawing such a large amount of tokens has caused a decrease in the trade volume of Ethereum. Ethereum has been experiencing a decreasing trading volume over the past few weeks and this news has further exacerbated the situation. With the price of Ethereum dropping below $1,300, investors are becoming increasingly concerned about the future of the cryptocurrency.
As the market continues to fluctuate, it is uncertain what the future holds for Ethereum. With the price of Ethereum dropping and the trading volume decreasing, it is important for investors to keep an eye on the market and make informed decisions about their investments. Only time will tell if Ethereum will recover from this slump and reach its former glory.