According to on-chain data, an anonymous crypto whale bought $5.53 million in ETH on Binance. This purchase came a week after this whale made a similar acquisition, which used $18 million in USDC to buy ETH at around $1,971. With the whale appearing to ramp up ETH purchases, Lookonchain believes that this trader may be preparing for a new bull run of ETH.
However, not all whales are optimistic about a new bull run of ETH. On Nov 9, a crypto whale transferred 25700 ETH to Binance, equivalent to approximately $49.52 million. From Nov 3-6, this whale deposited a large amount of USDT into Binance and withdrew 25,700 ETH worth of $47.71 million at that time. If these ETH are related to each other, it is likely that the whale has previously invested in ETH and then sold them to earn profits. This whale is estimated to gain $1.81 million from investing ETH.
A few days before, a Bitcoin whale also moved 7,000 Bitcoin, worth about $244 million, to Bitfinex. When crypto whales move cryptocurrencies to exchanges, it can be a sign of “dumping” for profit.