An anonymous cryptocurrency wallet holding $152,216,772 in Ethereum (ETH) has just transferred its funds to Binance, the largest cryptocurrency exchange by trading volume.
Leading altcoin ETH moved to Binance
A wallet with $150 million worth of Ethereum recently transferred its funds to Binance, one of the largest cryptocurrency exchanges. The Ethereum wallet address associated with this transfer is defined as: 0x3507e4978e0eb83315d20df86ca0b976c0e40ccb. Abnormally large transfers of cryptocurrencies from wallets to exchanges are typically a bearish signal, according to experts. Most high-net-worth cryptocurrency traders keep their funds in a hardware wallet because these devices offer better security than cryptocurrency exchanges. Hardware wallets store investors’ private keys offline and protect cryptocurrencies from online attacks.
According to experts, when whales transfer Ethereum to an exchange, it usually means they are looking for liquidity. Since the security risks of holding large amounts of cryptocurrencies on an exchange are higher than holding these assets in a hardware wallet, it is unlikely that the investor plans to hold their crypto on Binance. It is likely that this Bitcoin whale plans to either sell Ethereum or trade it for other altcoins. Meanwhile, Ethereum’s price has been affected by the overall bearish trend in the market, losing 20 percent in the last seven days. At the time of writing, it is changing hands at $2,449, down 1.7 percent.