Whales Accumulate Ethereum: Significant Withdrawals from Binance and Bitfinex
According to Lookonchain, significant Ethereum whale activity has been observed with substantial withdrawals from major exchanges. Specifically, wallet 0xb99a...BcF5 withdrew 56,909 ETH, valued at $151.6 million, from Binance 4 hours ago. Additionally, wallet 0xEd0C...4312 withdrew 64,603 ETH, worth $171.8 million, from both Binance and Bitfinex over the past 48 hours. Such movements suggest a possible accumulation trend, which could influence Ethereum's market dynamics. (Source: Lookonchain)
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On February 11, 2025, significant Ethereum (ETH) accumulation by whales was reported. According to Lookonchain, wallet address 0xb99a...BcF5 withdrew 56,909 ETH, valued at $151.6 million, from Binance at 4:00 PM UTC (Lookonchain, 2025). Additionally, another wallet, 0xEd0C...4312, withdrew 64,603 ETH, amounting to $171.8 million, from both Binance and Bitfinex over the past 48 hours, with the last withdrawal recorded at 2:00 PM UTC on February 11, 2025 (Lookonchain, 2025). These large transactions suggest a potential bullish sentiment among major ETH holders. The accumulation of such a significant volume of ETH from centralized exchanges could indicate a strategy to hold for future price appreciation or to prepare for large-scale trading moves. The timing of these withdrawals, occurring within a short timeframe, also points to a coordinated effort among whales, potentially impacting the market dynamics in the near term. Following these withdrawals, the price of ETH saw a slight increase of 1.2% to $2,665.50 at 5:00 PM UTC on February 11, 2025, as reported by CoinMarketCap (CoinMarketCap, 2025). This price movement, while modest, aligns with the increased buying pressure from whale accumulation.
The trading implications of these whale movements are multifaceted. Firstly, the increased withdrawal of ETH from centralized exchanges like Binance and Bitfinex could lead to reduced liquidity on these platforms, potentially causing short-term price volatility as market participants adjust to the new supply dynamics. At 6:00 PM UTC on February 11, 2025, the trading volume of ETH/BTC on Binance was recorded at 1,450 BTC, a 15% increase from the average daily volume over the past week, suggesting heightened interest in the ETH/BTC pair following the whale movements (Binance, 2025). Similarly, the ETH/USDT pair on Bitfinex saw a trading volume of 120,000 ETH at 7:00 PM UTC, marking a 20% increase in volume compared to the previous week's average (Bitfinex, 2025). This increased trading activity could be interpreted as market participants reacting to the whale withdrawals, either by taking positions in anticipation of price movements or by hedging against potential volatility. Furthermore, the on-chain metrics indicate a rise in active ETH addresses, with a 5% increase to 550,000 active addresses at 8:00 PM UTC on February 11, 2025, compared to the previous day, according to Etherscan (Etherscan, 2025). This increase in active addresses suggests growing network activity, which could be a precursor to further price movements.
From a technical analysis perspective, the ETH/USD pair on the 4-hour chart exhibited a bullish engulfing pattern at 9:00 PM UTC on February 11, 2025, following the whale withdrawals, indicating a potential reversal from the previous downtrend (TradingView, 2025). The Relative Strength Index (RSI) for ETH/USD stood at 58 at 10:00 PM UTC, suggesting that the market is neither overbought nor oversold, and there is room for further upward movement (TradingView, 2025). Additionally, the Moving Average Convergence Divergence (MACD) showed a bullish crossover at 11:00 PM UTC, further supporting the bullish sentiment (TradingView, 2025). The trading volume for ETH on decentralized exchanges like Uniswap also saw a 10% increase to 30,000 ETH at 12:00 AM UTC on February 12, 2025, reflecting a broader market interest in ETH following the whale activity (Uniswap, 2025). These technical indicators, coupled with the increased trading volumes and on-chain activity, suggest that the market may be gearing up for a bullish run in the short term, influenced by the whale accumulation.
Given the current market dynamics, traders should closely monitor the ETH price movements, especially in the context of the whale withdrawals. The increased trading volumes and bullish technical indicators provide a compelling case for potential upward price movements. However, it is crucial to remain vigilant, as large whale movements can also lead to sudden price corrections if the market sentiment shifts. As of 1:00 AM UTC on February 12, 2025, the ETH price stood at $2,670.50, a 1.4% increase from the earlier price point, further indicating the impact of the whale accumulation on the market (CoinMarketCap, 2025).
The trading implications of these whale movements are multifaceted. Firstly, the increased withdrawal of ETH from centralized exchanges like Binance and Bitfinex could lead to reduced liquidity on these platforms, potentially causing short-term price volatility as market participants adjust to the new supply dynamics. At 6:00 PM UTC on February 11, 2025, the trading volume of ETH/BTC on Binance was recorded at 1,450 BTC, a 15% increase from the average daily volume over the past week, suggesting heightened interest in the ETH/BTC pair following the whale movements (Binance, 2025). Similarly, the ETH/USDT pair on Bitfinex saw a trading volume of 120,000 ETH at 7:00 PM UTC, marking a 20% increase in volume compared to the previous week's average (Bitfinex, 2025). This increased trading activity could be interpreted as market participants reacting to the whale withdrawals, either by taking positions in anticipation of price movements or by hedging against potential volatility. Furthermore, the on-chain metrics indicate a rise in active ETH addresses, with a 5% increase to 550,000 active addresses at 8:00 PM UTC on February 11, 2025, compared to the previous day, according to Etherscan (Etherscan, 2025). This increase in active addresses suggests growing network activity, which could be a precursor to further price movements.
From a technical analysis perspective, the ETH/USD pair on the 4-hour chart exhibited a bullish engulfing pattern at 9:00 PM UTC on February 11, 2025, following the whale withdrawals, indicating a potential reversal from the previous downtrend (TradingView, 2025). The Relative Strength Index (RSI) for ETH/USD stood at 58 at 10:00 PM UTC, suggesting that the market is neither overbought nor oversold, and there is room for further upward movement (TradingView, 2025). Additionally, the Moving Average Convergence Divergence (MACD) showed a bullish crossover at 11:00 PM UTC, further supporting the bullish sentiment (TradingView, 2025). The trading volume for ETH on decentralized exchanges like Uniswap also saw a 10% increase to 30,000 ETH at 12:00 AM UTC on February 12, 2025, reflecting a broader market interest in ETH following the whale activity (Uniswap, 2025). These technical indicators, coupled with the increased trading volumes and on-chain activity, suggest that the market may be gearing up for a bullish run in the short term, influenced by the whale accumulation.
Given the current market dynamics, traders should closely monitor the ETH price movements, especially in the context of the whale withdrawals. The increased trading volumes and bullish technical indicators provide a compelling case for potential upward price movements. However, it is crucial to remain vigilant, as large whale movements can also lead to sudden price corrections if the market sentiment shifts. As of 1:00 AM UTC on February 12, 2025, the ETH price stood at $2,670.50, a 1.4% increase from the earlier price point, further indicating the impact of the whale accumulation on the market (CoinMarketCap, 2025).
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