Thomas Daniels
On-Chain Data Reveals Significant Movement
On-chain data indicates that an Ethereum whale associated with the cryptocurrency platform Nexo has transferred an additional $17 million worth of ETH to Binance. This transaction is the latest in a series of substantial movements by the whale, sparking debate over the potential impact on Ethereum’s price stability.
Recent Transactions Strengthen Market Analysis
Since December 2, wallets linked to Nexo have transferred 114,262 ETH (valued at $423.3 million) to Binance, averaging $3,705 per ETH. A notable transaction on December 13 involved 18,000 unstaked Ethereum worth approximately $70.8 million, pointing to ongoing liquidity adjustments.
The blockchain analytics platform Lookonchain highlighted the latest movement:
“A whale (related to #Nexo) deposited 4,946 $ETH ($17.2M) to #Binance again in the past hour.”
These transactions align with a broader trend of whale activity. Earlier this month, another major Ethereum holder reportedly moved 22,740 ETH ($77.7 million) to settle debt. Additionally, 49,910 ETH ($170 million) flowed to Binance, resulting in $137.8 million in stablecoin payouts.
Market Dynamics: Resilience and Sell-offs
Although these movements do not suggest panic selling, they mirror similar sell-offs in recent weeks as Ethereum struggles to maintain upward momentum. Profit-taking activity, coinciding with Bitcoin’s decline from its record high above $108,000, pushed Ethereum below $3,200 before rebounding to $3,448 at the time of writing.
Other notable sellers, including the Ethereum Foundation and Tron founder Justin Sun, have also contributed to sell-off pressure.
Price Prospects: Wary Hope
Despite the intensified sell-offs and whale activity, Ethereum’s price has demonstrated resilience, staying above $3,000. Currently priced at $3,448, ETH has dipped 1.2% in the past 24 hours but remains within a range that indicates solid market support.
