- $32 million worth of ETH was recently moved off the Binance exchange.
- Whale transactions picked up as the Supply on Exchange fell.
Based on a recent analysis, an Ethereum [ETH] whale has transferred a substantial amount of ETH away from an exchange. In light of this recent transaction, what is the status of the supply of ETH held on exchanges?
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Ethereum whale continues withdrawal
A recent analysis by Lookonchain revealed that an Ethereum whale has been actively moving ETH out of the Binance exchange. According to data from Etherscan, this whale withdrew 8,968 ETH on 4 November and an additional 8,618 ETH on 5 November.
This smart whale withdrew another 8,618 $ETH ($16M) from #Binance 4 hours ago.
The whale deposited 31.8M $USDT to #Binance and withdrew 17,316 $ETH, the buying price is ~$1,836.https://t.co/OLrmsm7kAi pic.twitter.com/WHvgeaR5At
— Lookonchain (@lookonchain) November 5, 2023
With these moves, the total withdrawal amounted to 17,316 ETH over the past two days. As of press time, the whale’s total withdrawal from the exchange reached nearly $32 million.
Analyzing Ethereum’s Supply on Exchanges
AMBCrypto’s analysis of Ethereum’s exchange supply revealed a recent fall in the volume of assets held on exchanges. The chart indicated a notable reduction, which started around 23 October.
During this period, the supply fell from over 10.7 million to around 10.6 million ETH.
Furthermore, the decline suggested that more ETH was being withdrawn from exchanges. What this could mean is increased confidence in a sustained price uptrend and a desire to accumulate holdings.
Additionally, at the time of this writing, the Supply on Exchanges remained at around 10.6 million ETH. However, the chart also showed that it was approaching the 10.7 million mark.
Source: Santiment
Furthermore, AMBCrypto’s analysis of Glassnode’s Exchange Netflow chart revealed a consistent trend of outflows from exchanges. The chart showed that over the past few days, the volume of assets leaving exchanges had surpassed the inflow.
This data underscored the magnitude of withdrawals Ethereum has experienced across various exchanges. Also, it showed a strong movement of ETH away from these platforms.
Whale transactions pick up
A further analysis of Ethereum’s whale transactions involving amounts exceeding $100,000 and $1 million on Santiment showed a notable surge in activity. When examining transactions exceeding $100,000, the data indicates a total of 179 such transactions.
Realistic or not, here’s ETH’s market cap in BTC’s terms
The number reflected a substantial increase in this category of whale activity in recent times.
Source: Santiment
Furthermore, the $1 million transaction category has also seen a significant level of activity. As of this writing, around 12 transactions have already been recorded. These figures suggested a high level of engagement and increased activity among Ethereum whales.