A massive crypto whale with over $390M in assets has made a move and, in the last 6 hours, is noted to have withdrawn $21.77M worth of Ethereum (8,065 ETH) from Binance. The whale with address ID 0xed0c6079229e2d407672a117c22b62064f4a4312 has recently come to light due to large transactions by Lookonchain, a blockchain analysis platform.
A giant whale with $390M assets withdrew 8,065 $ETH($21.77M) from #Binance again in the past 6 hours.Address:0xed0c6079229e2d407672a117c22b62064f4a4312 pic.twitter.com/hcr3SQ6Wbe
— Lookonchain (@lookonchain) October 21, 2024
Whale’s Strategic Withdrawals
Whale’s last activities indicate that the account is actively making a series of withdrawals from Binance. In the last couple of hours, the address has successfully made many Ethereum transactions and used different DEX to swap and stake funds. Significantly, the whale made a transaction of 3,600 ETHs ($9.6M) five hours ago and another transaction of 1,800 ETHs ($4.8M) 2 hours ago. It may mean reorganising assets on purpose or due to the market situation or new possibilities in the DeFi sphere.
Leveraging DeFi: Compound and 1inch Swaps
Besides the withdrawals, the whale has been actively trading on different DeFi platforms. Following the withdrawal of 8,065 ETH from Binance, the whale was active on Compound V3, where 2,660 ETH ($7.09M) were deposited into the protocol. Another significant exchange was made by exchanging ETH through the DEX 1inch, a move likely designed to optimize the whale’s holdings.
Market Impact
The movements made by such whales are cause for speculation, especially given fluctuations in the current market. Transfers of such enormous amounts from a centralized exchange such as Binance may point toward a fundamental change of tack, especially in the wake of DeFi and non-custodial services. Traders and investors will be looking at this address to see if there are subsequent movements that suggest future market movements.
As for now, the whale’s motives are unknown, although the size of these transactions emphasizes the position of dominance such actors have in the crypto market.
