Crypto Whale Just Moved $33M Worth Of Ethereum (ETH) Off Binance

Crypto Whale Just Moved $33M Worth Of Ethereum (ETH) Off Binance

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What occurred: An Ethereum (CRYPTO: ETH) whale sent out $33,323,162 worth of Ethereum off Binance.

The ETH address related to this deal has actually been determined as:

0x7cc549cdef7248c11a84d718fd25eafb57d8d614

Why it matters: Whales normally send out cryptocurrency from exchanges when preparing to hold their financial investments for a prolonged time period. Storing big quantities of cash on an exchange provides an extra danger of theft, as exchange wallets are the most popular target for cryptocurrency hackers.

Ethereum whales that run their own validator nodes (costing 32 ETH each) should send their Ether to the Ethereum 2.0 beacon chain, which is then secured till the launch of Ethereum 2.0 in 2022.

According to Glassnode, just 12.31% of the overall supply stays liquid throughout all central exchanges.

The elimination of ETH from an exchange minimizes possible sell side pressure, enabling the rate of Ether to increase more quickly.

See Also: Best Crypto Apps 2021 and Best Crypto Portfolio Trackers

Price Action: Ethereum is down -1% in the previous 24 hours.

See Also: How To Buy Ethereum

Public Blockchain information sourced from Whale Alerts Twitter.

This post was produced by Benzinga’s automated material engine and examined by an editor.

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