The giant whale dumped 33,000 Ethereum coins to Binance, is Ethereum about to collapse?
The giant whale dumped 33,000 Ethereum coins to Binance, is Ethereum about to collapse?
On-chain analytics company Spot On Chain discovered that a crypto whale identified as ‘czsamsunsb.Ethereum’ transferred 33,000 Ether (worth approximately $75.74 million) to Binance. This action coincided with a recovery in the price of Ethereum and attracted widespread attention from the crypto community, especially considering the whale’s past pattern of transferring Ethereum to Binance before market declines.
Market analysts are now closely monitoring whether this massive selling signals a possible collapse of the Ethereum market. Spot On Chain reports that the whale withdrew and deposited 32,930 Ethereum from Binance when the token reached $2,300, behavior consistent with its historical pattern.
The timing of the action — at a time when markets are showing signs of recovery — has raised concerns among investors, casting doubt on their confidence in Ethereum’s market direction. Although the whale still retains 12,186 staking ether worth approximately $28.1 million in the Lido protocol, the market has raised concerns over whether there will be further ether transfers out to express a lack of confidence in the market recovery.
Given the situation, market watchers are on high alert, with analysts advising to be prepared for possible market volatility and stressing the importance of paying attention to trading patterns and whale activity.
Currently, Ethereum price is up 0.97% in 24 hours at $2,313.15, with trading volume surging 39% to $61.4 billion. Meanwhile, Ethereum futures open interest increased by 5.21% in 24 hours, with Binance and Bybit leading the growth trend.
Investors are advised to remain cautious and monitor market dynamics closely for the potential impact of this major whale movement on the crypto market.
