Whales collected hundreds of millions of dollars in Ethereum (CRYPTO: ETH), capitalizing on the world’s second-largest cryptocurrency’s subdued rates.
What Happened: Two substantial Ethereum withdrawals from cryptocurrency exchanges were reported by on-chain tracking platform Lookonchain in a Monday X post.
The first withdrawal involved 56,909 ETH, worth 151.6 million, from Binance, while the second whale accumulated a combined 64,603 ETH, valued at $171.8 million, from Binance and Bitfinex. Both transactions occurred within a 48-hour window.
These withdrawals were part of a market-wide phenomenon, as Ethereum recorded net exchange outflows of over $51 million in the last 24 hours, according to data from IntoTheBlock. Typically, when more funds exit exchanges than they enter, it suggests a bullish outlook.
Additionally, a 16% jump in transactions valued over $100,000 indicated a renewed interest among whale investors in accumulating ETH.
See Also: Man Whose $775 Million Bitcoin Fortune Lies Buried In A Landfill Now Wants To Buy The Trash Heap
Why It Matters: The accumulation by large investors comes at a time when Wall Street hedge funds have been increasingly betting against ETH. A report suggested that the short positioning has surged by 40% in a week’s time and 500% since November.
ETH was also the least popular of the three largest cryptocurrencies, according to Google Trends data, with Bitcoin (CRYPTO: BTC) and XRP (CRYPTO: XRP) generating much higher search interest.
Interestingly, Eric Trump, President Donald Trump’s son, suggested last week on X that “it’s a great time to add ETH,” potentially influencing decisions of certain players.
Price Action: At the time of writing, Ethereum was exchanging hands at $2,716.83, up 3.25% in the last 24 hours, according to data from Benzinga Pro. Year-to-date, the coin has endured losses of over 18%.
Image via Shutterstock
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