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A whale that recently deposited a huge amount of Ethereum funds into Binance has offloaded another $17 million to the cryptocurrency exchange.
The whale is linked to Nexo, as onchain data indicates.
In recent days, Nexo addresses or wallets related to the cryptocurrency platform have deposited ETH to the central cryptocurrency exchange. This includes 18,000 uninvested ETH worth more than $70.8 million that were transferred to the exchange on December 13.
“A whale (linked to #Nexo) deposited $4,946 ETH ($17.2 million) to #Binance again in the last hour. Since December 2, #Nexo has deposited a total of $114,262 ($423.3 million) into #Binance at an average Price: $3,705.
Loconchine
The Ethereum market has seen a significant whale dump in recent weeks.
A whale deposited more than 22,740 Ethereum worth $77.7 million to Binance earlier this month, using the funds to settle debts. $170 million, or 49,910 Ethereum, also arrived at Binance, with the whale ensuring the exchange of $137.8 million in stablecoins.
While the transactions do not represent a lot of panic selling, the whale’s behavior adds to similar selling seen in the past month.
A number of large wallets abandoned ETH as the altcoin struggled to rally.
As the price of Bitcoin fell from its all-time high above $108,000, the price of Ethereum fell to below $3,200. Gains of nearly $4,000 earlier provided an opportunity to take profits. Some titles took money, which contributed to the decline and struggle that engulfed the bulls.
Other than Nexo, which has been active in recent days, some notable vendors include the Ethereum Foundation. Justin Sun, founder of Tron, was also aggressive.
Despite the dump, ETH price remains resilient, above $3k. Its price was hovering around $3,448 at the time of writing, a decline of approximately 1.2% over the past 24 hours.
