In a significant move that has caught the attention of the crypto community, Hong Kong-based crypto wealth management giant Metalpha recently deposited a staggering $77.55 million worth of Ethereum (ETH) to Binance, according to data from the digital asset tracker Lookonchain. Over the past few days, Metalpha transferred a total of 33,589 ETH through multiple transactions, including a notable 10,000 ETH deposit valued at $23.45 million on Monday.
Despite this sizable transfer, Metalpha still holds a substantial stash of Ethereum. The firm retains 51,300 ETH, valued at approximately $120 million, signaling their continued strong position in the Ethereum market.
The recent Ethereum movements come amid a broader trend of whale activity within the crypto space. Lookonchain highlights that a savvy whale recently accumulated 5,000 ETH, worth $11.46 million, at what appears to be a strategic buying point. This whale had previously purchased 5,200 ETH at an average price of $1,322 in November 2022 and sold it at an average price of $2,093 between January 2023 and January 2024, netting an impressive gain of over $4 million.
Ethereum, currently trading at $2,378, has seen a 1.5% increase in value over the past 24 hours. This uptick reflects a period of positive movement for the second-ranked cryptocurrency by market cap.
In parallel, other significant transactions have occurred within the broader cryptocurrency market. A prominent Solana whale sold 20,000 SOL, valued at $2.66 million, on Monday. Since the start of the year, this address has liquidated a total of 715,000 SOL worth $102 million, while maintaining a substantial 1.84 million SOL, worth $246 million, in staked assets.
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Solana, trading at $135.57 at the time of writing, has experienced a modest gain of over 0.5% in the past 24 hours. As the fifth-ranked cryptocurrency by market cap, Solana continues to attract attention amid shifting market dynamics.
Overall, these movements highlight the ongoing strategic maneuvers by major players in the cryptocurrency market, underscoring a period of significant activity and potential shifts in market sentiment.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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