Earlier today, Metalpha, a prominent entity in the cryptocurrency space, deposited 10,000 $ETH (valued at approximately $23 million) into Binance, according to blockchain tracking platform Lookonchain. This is the further continuation of important Ethereum transactions by Metalpha that sent in total 23,589 ETH or roughly $54.1 million to the Binance exchange during the last three days.
1 hour ago, #Metalpha deposited 10,000 $ETH($23M) to #Binance again!#Metalpha has deposited a total of 23,589 $ETH($54.1M) to #Binance in the past 3 days.https://t.co/3hqVXQvHlu pic.twitter.com/UYfWi1Mn6r
— Lookonchain (@lookonchain) September 9, 2024
Metalpha Withdraws $14M in Ethereum from Lido, Deposits $12.9M to Binance
It is a sequence of transactions that occurred after a significant event on September 6, when Metalpha removed 5,994 ETH, equivalent to approximately $14.07 million, from Lido, DeFi platform. After this withdrawal, Metalpha sent $12.9 million worth of 5,500 ETH tokens back to Binance, suggesting an ongoing trend of shifting large amounts of Ethereum across significant platforms.
The substantial deposits have attracted the attention of market analysts as well as the cryptocurrency community because such large value transactions affect the price of the ETH in the market. Even though these actions lead to short-term manipulation of prices, their effects are yet to be realized in the long run.
Ongoing Metalpha Transactions Reflect Dynamic Nature of Cryptocurrency Market
The recent activity of Metalpha shows that there is the constant circulation of significant amounts across the cryptocurrencies indicating the active nature of the cryptocurrencies market. As for the Ethereum, its deposits to Binance may be associated with trading or liquidity activities, but more about the motives remains unknown.
In the growing cryptocurrency market, transactions, as reported by Lookonchain, which include those by leading market players such as Metalpha, can not only shape emotions but also affect the price of digital currencies such as Ethereum. It will be interesting to see if more significant transactions happen or whether it impacts Etherium’s price in any way.
