A whale who recently deposited a huge amount of Ethereum funds into Binance has offloaded another $17 million to the crypto exchange.
The whale is related to Nexo, according to on-chain data.
In the last few days, Nexo or wallet addresses associated with the crypto platform have been depositing ETH into the centralized crypto exchange. It includes 18,000 uncollateralized Ethereum worth over $70.8 million that was floated on December 13th.
“A whale (associated with #Nexo) deposited another $4,946 ($17.2 million) into #Binance in the last hour. Since December 2nd, #Nexo has deposited a total of $114,262 $ETH ($423.3 million) on #Binance, at an average price of $3,705.”
Lookon chain
The Ethereum market has seen significant whale exodus in recent weeks.
A whale deposited over 22,740 ETH worth $77.7 million into Binance earlier this month and used the funds to pay off debts. $170 million or 49,910 ETH also made its way to Binance, with the whale cashing out $137.8 million in stablecoins.
Although the transactions are not panic selling, the whale’s behavior contributes to similar sell-offs last month.
A number of major wallets have dumped ETH as the altcoin struggled to climb higher.
As BTC price retreated from its all-time high above $108,000, Ethereum fell below $3,200. The gains to nearly $4,000 earlier provided an opportunity to take profits. Some addresses took the money, which contributed to the decline and surrounded the bulls.
In addition to Nexo, which has been active in the last few days, well-known sellers also included the Ethereum Foundation. Justin Sun, the founder of Tron, was also…
