The Ethereum market continues to witness significant transfers involving key players. This overview provides insight into the scale and impact of these transactions.
Major Ethereum Transactions
At the beginning of the month, a 'whale' moved over 22,740 Ethereum, worth $77.7 million, into Binance. In the past week, addresses associated with the Nexo platform have been actively dumping ETH onto the exchange, including 18,000 unstaked Ethereum worth $70.8 million transferred to Binance on December 13.
Strategies and Consequences of Transfers
According to data from Lookonchain, one 'whale' associated with Nexo transferred around 4,946 ETH, valued at $17.2 million, to Binance. Since December 2, approximately 114,262 ETH, amounting to $423.3 million, have been transferred to Binance. These moves occur without panic selling but have reinforced similar sell-offs witnessed in the last month.
Current Market Scenario
Following Bitcoin's price decline from its record high, Ethereum also decreased, but remains flexible above the $3,000 mark. At press time, the ETH price is $3,372, with a current market capitalization of $406.6 billion.
Despite substantial transfers, the Ethereum market continues to demonstrate resilience, holding above key levels.
