In a notable development in the cryptocurrency market, three long-term Ethereum (ETH) investors have deposited approximately 109 million dollars worth of a total of 32,527 ETH to various cryptocurrency exchanges in the last 24 hours. This significant inflow of Ethereum has led to speculation about whether investors believe the recent price correction of ETH is insufficient, raising questions about the motivations behind such large transactions.
Three Large Ethereum Deposit Transactions
The first deposit transaction came from a multi-signature wallet address starting with 0x213…, belonging to iExec RLC, which deposited 12,500 ETH (approximately 41.7 million dollars) to the Kraken exchange about 8 hours ago at an average price of 3,339 dollars. On-chain data shows that the wallet address first received 120,900 ETH from the white-hat hacker baylina.eth in July 2017 and currently holds 12,200 ETH valued at 40.9 million dollars.
Following this, an anonymous whale-level wallet address starting with 0x50b… deposited 11,600 ETH (valued at approximately 39.1 million dollars) to the Binance exchange at an average price of 3,374 dollars in the last 22 hours, leaving the wallet with this remaining balance. It appears that the investor first bought ETH in December 2017 and has deposited a total of 32,600 ETH worth 108 million dollars to Binance. Interestingly, this whale also withdrew 80 million dollars worth of USDT in the last three days.
The third deposit transaction came from a wallet address starting with 0x435…, belonging to Metalpha, which deposited 8,427 ETH (valued at 28.2 million dollars) to the Binance exchange about 1 hour ago at a price of 3,347 dollars. The wallet address’s first purchase of Ethereum dates back to July 2021, and it currently holds 62,300 units of Wrapped Staked Ethereum (WSTETH) valued at 242 million dollars.
Continued Interest in Ethereum Network and Its Primary Asset
The timing and magnitude of these transactions have led to speculation about the motivation behind the investors’ actions. Considering the recent correction that brought ETH’s price down from its highest levels in recent years, it could be said that investors view the current price levels as a suitable region to sell. According to the latest data, the altcoin king is trading at 3,344 dollars, down 5.67% in the last 24 hours.
Although these transactions appear to be sell-oriented, they demonstrate that large-scale investors’ interest in the Ethereum ecosystem continues. The Ethereum network and its main native asset, ETH, remain one of the fundamental pillars of the cryptocurrency market.
