The move of 73K ETH by Whale to Binance Causes Ether to Drop

  • Early on Monday, news of significant cryptocurrency transfers to Binance caused Ether (ETH) to trade poorly.
  • According to CoinDesk data, the native token of the Ethereum network decreased by over 4% to $1,170.
  • During the Asian hours, a whale address transferred 73,224 ETH worth $85.67 million to Binance, according to an investigation by on-chain researcher Lookonchain.
  • When intending to sell or use the coins as a margin in derivatives trading, investors generally move coins to centralised exchanges. Therefore, an increase in exchange inflows frequently creates the conditions for greater price volatility.
  • “Watch out for the selling pressure of ETH,” Lookonchain tweeted, after noting the large inflow into Binance.
  • According to Lookonchain, the address that moved over 73,000 ETH to Binance was the one that pulled out 84,131 ETH from the decentralized exchange Curve’s staked ether (stETH)-ether liquidity pool last week.
  • The price of liquid-staking protocol Lido’s staked-ether (stETH) token fell to 0.97 ETH after the whale withdrew over 84,000 ETH from the Curve pool. At press time, stETH traded at 0.982 relative to ether, per Dune Analytics.

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