An Ethereum whale connected to crypto platform Nexo has offloaded another $17 million worth of ETH to Binance, adding to a series of large sell-offs in recent weeks.
On-chain data revealed that Nexo-related wallets have been actively transferring Ethereum to centralized exchanges, fueling concerns among traders. Earlier this month, the same whale moved 18,000 unstaked ETH, worth over $70.8 million, to Binance.
In a separate transaction, another whale deposited 22,740 ETH, valued at $77.7 million, reportedly to settle debts. Another staggering $170 million in ETH was sent to Binance, with $137.8 million cashed out in stablecoins.
While these transactions don’t signal panic selling, they align with a broader trend of profit-taking. Ethereum’s price had surged close to $4,000 recently, presenting an opportunity for some holders to cash out.
However, this has added selling pressure as ETH struggles to maintain bullish momentum. Ethereum’s price, currently hovering around $3,448, remains resilient despite these sell-offs.
The cryptocurrency has dropped about 1.2% in the last 24 hours but continues to hold above $3,000. Notably, other prominent players have also been unloading ETH. The Ethereum Foundation and Justin Sun, founder of Tron, have joined the wave of recent sell-offs.
While the Ethereum market faces challenges, investors remain cautiously optimistic as the altcoin navigates volatile market conditions. This latest whale activity highlights the ongoing dynamics in the crypto space, where large players significantly impact market trends.
Also Read: Ethereum Whales Signal Optimism as ETH Rebounds Strong
