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Following
ETH The Ethereum giant whale deposited US$35.4 million with Binance, suspected to be preparing to take profits.
According to data from blockchain analysis firm EmberCN, an Ethereum giant whale with the beginning of 0x49C and the ENS domain name geministar.eth deposited 19,235 ETH on the Binance exchange 15 minutes ago, worth approximately US$35.34 million. This large transfer of funds may signal an intention to sell.
Trading background
These tokens were withdrawn from Binance about a month ago, when Ethereum was trading at approximately US$1766 each. Based on current prices, if the position is closed at market price, the giant whale will earn an unrealized gain of approximately US$1.4 million. According to CoinMarketCap data, as of press time, ETH was trading at US$1,840.58, basically unchanged from the previous day's closing price.
Market Impact
Traders often deposit large amounts of money on a centralized exchange as a precursor to selling activity, because moving assets from cold wallets or self-managed wallets to exchanges lowers the threshold for executing transactions. Although a single transaction may not necessarily predict market trends, the deposit size of more than US$35 million is enough to attract the attention of institutional and retail observers.
Ethereum investors 'perspective
The cost price of the giant whale is approximately US$1766, and the estimated return during the holding period is approximately 4.2%. It is currently profitable. However, the Ethereum market as a whole has faced resistance recently, with prices consolidating within a narrow range of US$1800 to US$1860. This lack of directional momentum may prompt large households to choose to take profits or reduce risk exposure.
Conclusion
The transfer of 19325 ETH from the geministar.eth address to Binance is a large transaction that deserves close attention from market participants. It remains to be seen whether the giant whale will execute a sell operation or transfer funds again, but the deposit itself has added potential selling pressure to the already range-bound Ethereum market.
Frequently Asked Questions
Q1: What is the "giant whale" in cryptocurrencies?
Giant whales are individuals or entities that hold large amounts of specific cryptocurrencies, and their trading activities are often enough to affect market prices.
Q2: Why is it important for giant whales to deposit deposits on the exchange?
Putting funds on an exchange usually means you can sell them faster. Large deposits could signal an imminent sell-off, putting downward pressure on asset prices.
Q3: How was the deal discovered?
Blockchain analytics companies like EmberCN monitor public ledger data for large or unusual transactions, and mark addresses and amounts to market observers.
