Whale Transfers 200,000 Ethereum from Arbitrum to Binance
An unknown whale has moved 200,000 Ethereum (ETH), valued at approximately $469 million, from the Arbitrum network to the cryptocurrency exchange Binance. This significant transfer was highlighted by blockchain tracker Whale Alert and took place over a series of six transactions within the past 24 hours.
Details of the Ethereum Transactions
The initial movement saw the whale wallet, identified as 0xe…abb, withdraw exactly 80,000 ETH tokens ($188.5 million) from Arbitrum to Ethereum. This transfer occurred through the Arbitrum Bridge yesterday at 13:38 UTC. Interestingly, the 80,000 ETH tokens remained within the same whale address across both chains. Shortly after, this address transferred 79,999 ETH from the recent batch to a Binance wallet at 13:42 UTC.
Following this activity, the whale address went silent for a few hours before repeating the transaction pattern. Again, it withdrew 80,000 ETH from Arbitrum to Ethereum at 17:08 UTC. This was followed by a transfer of 79,999 ETH to the same Binance wallet four minutes later.
The address stayed inactive for another period before reemerging to move 40,000 ETH, valued at $93.98 million, from Arbitrum to Ethereum at 12:08 UTC. Continuing its pattern, the whale subsequently transferred 39,999 ETH to Binance four hours later.
Investigating the Movements
These movements bring the total assets shifted by the whale address to 200,000 ETH worth $496 million since yesterday. The source of the funds and motivation behind the transactions remain unclear. However, Arbiscan data reveals that the whale address has been performing similar movements since August 6th. The address's transactions are limited to bridging assets to Ethereum and transferring them to Binance.
Additional information suggests that this whale address was both created and funded by a Binance wallet, indicating that 0xe…abb might be a Binance-controlled address. This implies that the recent activities could be part of in-house fund management rather than deposits meant for market selloffs.
Disclaimer: This article is for informational purposes only and should not be regarded as financial advice. The opinions expressed here are the author's and do not necessarily reflect those of The Crypto Basic. Readers should conduct their own research before making any investment decisions. The Crypto Basic assumes no liability for any financial losses.
