Ethereum’s price surge beyond the $2,000 threshold has prompted significant whale activity. Over the past nine hours, three large investors withdrew a combined 14,217 ETH—valued at approximately $28.95 million—from Binance. This move, highlighted in a Spot On Chain post on X, occurred as Ethereum briefly reclaimed the crucial $2,000 level, with an average withdrawal price of $2,036 per ETH.
Three whales have jointly withdrawn 14,217 $ETH ($28.95M) from #Binance at an average price of $2,036 in the past 9 hours as $ETH reclaimed $2,000!
— Spot On Chain (@spotonchain) March 20, 2025
They then used it to borrow 12M $USDT on #Aave and later deposited the stablecoins back to #Binance and #OKX.
Bullish move? Follow… pic.twitter.com/2rSm0H2q2o
Ethereum’s Rally Spurs Whale Movements
Ethereum’s price increase provided an opportunity for whales to execute strategic withdrawals. The substantial movement of ETH from Binance signals strong confidence in the asset’s long-term potential. Notably, these large-scale withdrawals often lead to reduced exchange supply, potentially influencing price trends.
Following the ETH withdrawals, the whales utilized their holdings to secure a $12 million USDT loan on Aave, a leading decentralized finance (DeFi) platform. Aave allows users to leverage their crypto assets as collateral while borrowing stablecoins like USDT. The move suggests that these investors seek to maintain liquidity while capitalizing on Ethereum’s market trends.
Stablecoin Deposits Back to Exchanges
After borrowing USDT, the whales transferred the stablecoins to Binance and OKX, major cryptocurrency exchanges. This strategy could indicate an intention to engage in further trading or provide liquidity to the market. The shift from Ethereum to USDT-backed borrowing highlights a calculated approach to navigating price volatility.
Ethereum and Aave Market Trends
At the time of analysis, Ethereum was trading at $1,984.55, marking a 1.17% decline. Meanwhile, AAVE experienced a 2.99% drop, settling at $174.02. Despite these declines, Ethereum’s 24-hour trading volume surged by 48.67% to $18.86 billion, demonstrating heightened market activity. AAVE recorded a trading volume of $19.04 billion during the same period, reflecting increased engagement in the DeFi sector.
Ethereum’s market capitalization currently stands at $239.76 billion, with a circulating supply of 120.62 million ETH. The recent whale movements highlight ongoing market shifts, with investors leveraging DeFi platforms to maximize liquidity while adapting to Ethereum’s fluctuating value.
Also Read: Coinbase Becomes Ethereum’s Largest Node Operator, Controlling 11.42% of Staked ETH
As Ethereum’s price dynamics evolve, whale activities remain a critical indicator of broader market sentiment, shaping future trends in the crypto landscape.
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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