A huge crypto whale unloaded nearly $505 million worth of Ethereum (ETH) to Binance in a single transfer on Monday.
Blockchain tracker Whale Alert first noted the transaction, which only cost about 0.00183 ETH (worth roughly $3.38).
Crypto analytics firm Santiment says the move represents one of the largest self-custody-to-exchange transfers in the past five years.
“With a $505 million transfer of Ethereum tokens on to Binance today, this is one of the largest self-custody to exchange transfers in 5 years. It also spiked the ETH network to its largest daily exchange supply increase since the day before the merge.”
It wasn’t the only unknown wallet to move a huge amount of Ethereum onto an exchange this week.
A separate address sent roughly 77,482.16 ETH across six separate transactions to a handful of different Coinbase addresses over a 12-hour period on Monday, according to Etherscan. Whale Alert first reported on the transactions.
With ETH trading at $1,873 at time of writing, those six Coinbase transactions are currently worth a total of $145.35 million.
Ethereum is up 3.31% in the past 24 hours and nearly 1.74% in the past seven days. The second-ranked crypto asset by market cap is also up more than 56% since the start of 2023, though it remains more than 61% down from its all-time high of $4,878, which it hit in November 2021.
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