Ethereum News: Analytical data show that astonishing amount of Ethereum was withdrawn from the largest crypto exchange in just ten minutes.
The chart provided by the CryptoQuant analytics aggregator shows early today that 527,459 ETH was withdrawn from Binance in just ten minutes – a figure that only financial institutions or other whales can pull.
Are institutions buying Ethereum at the bottom price?
The fiat value of half a million ETH withdrawn is equal to $ 1 billion 524 million 897, as shown in a chart provided by Glassnode.
According to data from CoinMarketCap, Ethereum, the second largest cryptocurrency at the time of writing, is trading at $ 2,895. This shows that the coin is still 34 percent below the all-time high of $ 4,376 reached on May 12th. The amount of Ethereum withdrawn indicates that this may be the financial institutions buying the ETH drop, while the price is almost twice lower than the recent high.
Someone in the comments assumed that the whales were preparing to transition to Ethereum’s Proof-of-Stake consensus protocol, hence implying that these funds could soon be locked into the ETH 2.0 deposit agreement.