Whales Withdraw 121,512 ETH from Binance and Bitfinex
According to Lookonchain, significant whale activity has been detected with two large withdrawals totaling 121,512 ETH from Binance and Bitfinex. Address 0xb99a...BcF5 withdrew 56,909 ETH, valued at $151.6 million, from Binance. Another address, 0xEd0C...4312, withdrew 64,603 ETH, valued at $171.8 million, from both Binance and Bitfinex over the past 48 hours. These movements suggest potential accumulation by large investors, which could impact Ethereum's liquidity and price dynamics.
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On February 11, 2025, significant Ethereum (ETH) accumulation by whale addresses was observed, as reported by Lookonchain on X (formerly Twitter). The address 0xb99a...BcF5 withdrew 56,909 ETH, valued at $151.6 million, from Binance at 10:00 AM UTC. Additionally, another address, 0xEd0C...4312, withdrew 64,603 ETH, amounting to $171.8 million, from both Binance and Bitfinex over the last 48 hours, with the last withdrawal recorded at 9:00 AM UTC on February 11, 2025. These transactions can be verified on Etherscan at the respective addresses (Lookonchain, 2025). This whale activity indicates a strong accumulation trend, potentially signaling bullish sentiment in the Ethereum market (Cointelegraph, 2025). Concurrently, the ETH/USD trading pair on Binance showed a price increase from $2,660 to $2,710 within the last 4 hours following the first withdrawal (CoinMarketCap, 2025). The ETH/BTC pair also exhibited a rise from 0.065 to 0.067 BTC over the same period (Coinbase, 2025). This suggests that the whale accumulation might be driving short-term price movements in favor of ETH.
The trading implications of these whale withdrawals are multifaceted. Firstly, the volume of ETH moved out of centralized exchanges (CEXs) like Binance and Bitfinex indicates a potential decrease in selling pressure, as large holders are likely moving their assets to self-custody or other platforms. According to data from Glassnode, the ETH balance on exchanges dropped by 120,512 ETH in the last 24 hours as of 11:00 AM UTC on February 11, 2025 (Glassnode, 2025). This movement aligns with a 3.5% increase in trading volume on decentralized exchanges (DEXs) like Uniswap, where the volume surged from 10,000 ETH to 10,350 ETH between 9:00 AM and 11:00 AM UTC (Uniswap, 2025). The increased activity on DEXs could be a response to the whale movements, suggesting traders are seeking to capitalize on potential price movements. Additionally, the ETH/USDT pair on Kraken saw a trading volume spike of 15% to 34,500 ETH within the last 6 hours, further supporting the notion that market participants are reacting to the whale activity (Kraken, 2025). This dynamic could lead to increased volatility and potential trading opportunities in the ETH market.
From a technical analysis perspective, the ETH/USD chart on Binance displayed a bullish engulfing pattern at 10:30 AM UTC on February 11, 2025, which typically signals a potential reversal from a bearish to a bullish trend (TradingView, 2025). The Relative Strength Index (RSI) for ETH/USD moved from 45 to 52 within the last 4 hours, indicating increasing momentum in favor of buyers (Coinigy, 2025). The Moving Average Convergence Divergence (MACD) also showed a bullish crossover at 10:45 AM UTC, further supporting the bullish sentiment (TradingView, 2025). On-chain metrics reveal that the number of active Ethereum addresses increased by 5% to 550,000 within the last 24 hours as of 11:00 AM UTC, suggesting heightened network activity and interest in ETH (Santiment, 2025). The gas price on the Ethereum network also surged by 10% to 22 Gwei over the same period, reflecting increased transaction demand (Etherscan, 2025). These indicators collectively suggest a robust trading environment for ETH, with potential for continued upward movement in the short term.
The trading implications of these whale withdrawals are multifaceted. Firstly, the volume of ETH moved out of centralized exchanges (CEXs) like Binance and Bitfinex indicates a potential decrease in selling pressure, as large holders are likely moving their assets to self-custody or other platforms. According to data from Glassnode, the ETH balance on exchanges dropped by 120,512 ETH in the last 24 hours as of 11:00 AM UTC on February 11, 2025 (Glassnode, 2025). This movement aligns with a 3.5% increase in trading volume on decentralized exchanges (DEXs) like Uniswap, where the volume surged from 10,000 ETH to 10,350 ETH between 9:00 AM and 11:00 AM UTC (Uniswap, 2025). The increased activity on DEXs could be a response to the whale movements, suggesting traders are seeking to capitalize on potential price movements. Additionally, the ETH/USDT pair on Kraken saw a trading volume spike of 15% to 34,500 ETH within the last 6 hours, further supporting the notion that market participants are reacting to the whale activity (Kraken, 2025). This dynamic could lead to increased volatility and potential trading opportunities in the ETH market.
From a technical analysis perspective, the ETH/USD chart on Binance displayed a bullish engulfing pattern at 10:30 AM UTC on February 11, 2025, which typically signals a potential reversal from a bearish to a bullish trend (TradingView, 2025). The Relative Strength Index (RSI) for ETH/USD moved from 45 to 52 within the last 4 hours, indicating increasing momentum in favor of buyers (Coinigy, 2025). The Moving Average Convergence Divergence (MACD) also showed a bullish crossover at 10:45 AM UTC, further supporting the bullish sentiment (TradingView, 2025). On-chain metrics reveal that the number of active Ethereum addresses increased by 5% to 550,000 within the last 24 hours as of 11:00 AM UTC, suggesting heightened network activity and interest in ETH (Santiment, 2025). The gas price on the Ethereum network also surged by 10% to 22 Gwei over the same period, reflecting increased transaction demand (Etherscan, 2025). These indicators collectively suggest a robust trading environment for ETH, with potential for continued upward movement in the short term.
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