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Remarking Back-to-Back Ethereum (ETH) Withdrawals

ETH’s current market price is down by 1.27%.

As per the data retrieved from Etherscan, the analytics platform for Ethereum, it is noted that the highest withdrawal of Ethereum (ETH) in recent times. All of those withdrawals are remarked from fresh wallets of count three. 

However, the top cryptocurrency exchanges like Binance and Kraken are involved in the recorded transactions, as reported by Lookonchain, the on-chain analytics platform. Etherscan reports the overall ETH token balance which is 36,999.5 approximately worth $63,618,421.82 considering the value of 1 ETH as $1,719.44. 

On one side, Bitcoin keeps fluctuating; on the other, the altcoin season prefers to continue as long as it prevails. Likewise, crypto investors tend to keep trading, and the global crypto market pretends unsustained over this month.  

Apparently, those three transactions constitute a withdrawal total of $150 million. There are 86,520 ETH withdrawn happened in this case from three different wallet addresses. And the first two withdrawals happened from Binance and the other one was from Kraken. All of these occurred together in the last week with a time gap. 

Firstly, the address ‘0x5bA3’ has withdrawn 35,860 ETH from Binance and has transferred to a contract. With a negligible transaction fee of nearly 0.00042 and 0.00039, the withdrawal occurred two separate times as 17,929 ETH and 17,929 ETH respectively.

Secondly, the address ‘0x7c82’ has withdrawn 27,000 ETH from Binance. Also, this has happened with varied transaction fees over five times such as 9,999 ETH for three counts, 0.01 ETH for one count, and 6,999 ETH for one count. All these happened over the last 3 days in different time intervals. 

Thirdly, the address ‘0x2c74’ has withdrawn 23,660 ETH from Kraken. This started with a minimal withdrawal of 0.1 ETH at first. Following that, several withdrawals occurred at different times over the last 7 days. Also, the transaction fees are unique to all transactions for all the intervals. 

Eight days before, a whale has been caught. Such whale deposited 25k stETH worth $43 million to Aave whereas the same whale borrowed 35M Tether from Aave subsequently. And this proceeded so that the whale deposited 35M Tether to Binance. Apparently, this questioned the state of bullish momentum.

Likewise, before three days, the whales have accumulated huge amounts of Ethereum (ETH) and staked Ethereum (stETH). The whales are named ‘0x655’ and ‘boby1337.eth’ and have exchanged 20 million and 2 million of Tether (USDT). Furthermore, the staked Ethereum (stETH) of around 12,100 and 1,200 at $1,652 and $1,672 respectively. 

These transactions have happened on consequent times. Meanwhile, another whale named ‘hashkey-capital’ has gained 4,500 ETH from a top cryptocurrency exchange, Binance. However, the value obtained for such a transaction is $1,684.   

With the analysis from CoinMarketCap, it is noted that Ethereum, the second topmost cryptocurrency is been traded at 48.30% over the last 24 hours. Moreover, the market capitalization is yet down by 0.31%. Also, the current market price has fallen by 1.27% with a value of $1,719.59 per Ethereum. 

Ethereum 24Hrs Price Chart (Source: CoinMarketCap)

Considering the last seven days, on June 15, the price drop is abruptly down to today, recorded at $1,632 at 03:50 PM IST. Additionally, the addresses that hold Ethereum have increased compared to the previous years. Furthermore, the ETH whale holders constitute 23.3123% of the total holders. 

As the topic of back-to-back Ethereum (ETH) withdrawals garners attention, it’s worth exploring alternative cryptocurrency options that offer unique benefits. One such option is ACTS Token, which stands out in the crypto landscape with its innovative features and potential for growth.

For all these transactions, the recorded unique transaction fees are mentioned. Yet, the average transaction fee of ETH is 0.003034 ($4.874055). On May 5, ETH stunned the crypto community with a transaction fee of $28.130. 

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A computer science engineering graduate who dives nook and corner of an engaging career with a keen interest in content creation, currently exploring the field of Crypto.

Read More  As per the data retrieved from Etherscan, the analytics platform for Ethereum, it is noted that the highest withdrawal of… 

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