Key Highlights
- Whales moved over $29M worth of ETH off Binance, with K3 Capital and a Chun Wang-linked wallet making the biggest withdrawals.
- Arthur Hayes sold 6,000 ETH at a loss (~$606K), showing mixed behavior among major Ethereum holders.
- Ethereum is trading around $1,703, with weak volume and key price levels between $1,500 support and $1,900 resistance.
Large Ethereum holders, known as whales, are reportedly moving big amounts of ETH out of Binance.
In an X post on Friday, blockchain analytics firm Lookonchain reported that more than $29 million worth of Ethereum was withdrawn in a short period. The largest withdrawal came from K3 Capital. The firm withdrew 10,000 ETH from Binance, worth about $16.92 million.
At the same time, another large transaction was linked to a wallet associated with Chun Wang, known in connection with F2Pool, which moved 7,650 ETH worth approximately $12.93 million. These transactions happened within hours of each other, showing strong coordinated whale activity across multiple addresses.
This means that investors intend to hold their assets rather than keep them on exchanges for immediate trading. When coins are moved off exchanges, it usually means they are being stored in private wallets, which reduces the amount of ETH available for quick selling on trading platforms.
Arthur Hayes takes a different path
However, not all whales are in the same direction. BitMEX co-founder Arthur Hayes appeared to be selling. According to Lookonchain, he had earlier bought about 5,900 ETH worth roughly $10.58 million at an average price of $1,793.
But today, he sold 6,000 ETH at around $1,690 per coin, which resulted in an estimated loss of about $606,000. This stood out because he is usually known for buying low and selling higher, so this decision surprised many market watchers.
Ethereum price recovers above $1,700
Meanwhile, Ethereum’s price action seems to be stabilizing. At the time of writing, ETH is trading for $1,703. This is a 1.26% increase over the last 24 hours from an intraday low of below $1,683.
The asset has also managed to gain about 2.19% over the past week, but is still down 19% in a month. Data from CoinMarketCap shows that trading activity as of today has dropped by 38% to around $9.55 billion, which suggests that only a few traders are active in the market.
The price chart on TradingView shows that ETH is retracing after reaching $1,850 on June 15. Currently, the price is testing a support level at $1,700, which had previously led to the initial rally.
Crypto Analyst Ted Pillows, in a post, also weighed in on the market structure, noting that Ethereum could potentially move toward $1,900 if buying momentum returns. On the other hand, if selling pressure continues, the price could fall further toward the $1,500 level, which is seen as a key support zone.
Also Read: Ethereum Faces Funding Crisis as Developers Warn of 3-9 Month Deadline
