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Binance Seeing Ethereum Whales Outflow: What's Happening?
Ethereum seeing outflow of whales from Binance
1️⃣ Binance has experienced significant outflows: 14,146 ETH, valued at approximately $46.74 million, within 24 hours. Notably, a fresh wallet also extracted 95.67 million USDT along with 7,402 ETH, equating to around $23.3 million. The activity mirrors the withdrawal patterns of two other wallets known for moving large quantities of ETH and stablecoins off the platform.
2️⃣ The smart money tracking service Lookonchain even raised a question: Could these transactions be linked to Justin Sun, known for his substantial funds movements, or are they simply routine redistributions? While the identity of the wallet owners remains unconfirmed, the movement of such large sums is not necessarily an alarm signal. It is often a simple transfer of funds.
3️⃣ Recently, Binance has been witnessing continuous outflows and a dip in market share. This could suggest a trend of whales gradually reducing their presence on the exchange. It is important to consider these movements within the market's current tendencies.
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