Ethereum Withdrawals: Whales Trigger Surge in Withdrawals

Ethereum is experiencing a notable surge in withdrawals, primarily driven by institutional investors or whales. Recently, Ethereum whales have been orchestrating massive withdrawals from exchanges, setting new records and injecting optimism into the market. In a single 24-hour period, four wallets withdrew a combined 78,301 ETH, valued at approximately $231.2 million. Notably, wallets labelled “0xF7f” and “0xE51” each withdrew 30,440 ETH, amounting to around $90 million.

Following a notable transaction, a major investor withdrew 23,27.76 ETH, worth about $67.83 million, from Coinbase. Over four days, their total withdrawals amounted to 30,870 ETH, valued at approximately $89.7 million. These substantial transactions by key players have led to discussions about their possible influence on Ethereum’s price direction.