ETH Whale Withdraws 57,700 ETH From Binance, Switches to Long
An institutional ETH whale has flipped bullish after heavy shorting and large-scale sales. Five days ago, the ETH whale sold 70,000 ETH at an average price of $3,188—netting about $223 million—and profited $24.48 million from short positions. Today, it deposited $153 million in USDT to Binance and withdrew 57,700 ETH (approximately $162 million) at an average buy-in price of $2,820. The whale now holds 432,000 ETH valued at $1.24 billion, with a cost basis near $3,332 and an unrealized loss of around $200 million. This move highlights a pronounced shift in market sentiment and may signal renewed bullish momentum in Ethereum trading. Crypto traders should monitor these large-scale ETH whale flows as they often indicate price floors and potential support levels in the market.
Bullish
The whale’s withdrawal of 57,700 ETH after a prior large sell-off—and its substantial USDT deposit—indicates a clear shift from bearish to bullish positioning. Historically, similar whale accumulation on exchanges has preceded significant price recoveries, as seen during key ETH rallies in 2023. In the short term, this behavior can stabilize prices and create support around the $2,800 level. Over the long term, sustained institutional re-accumulation suggests growing confidence in Ethereum’s fundamentals and upside potential. Crypto traders often view such large-scale on-chain flows as leading indicators, so this move is likely to bolster market sentiment and drive further buying interest.