Binance Sees Exodus of Ethereum Tokens as Whales Shift Holdings

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Binance Sees Exodus of Ethereum Tokens as Whales Shift Holdings
  • Crypto whales withdraw millions in Ethereum-based tokens from Binance.
  • Fresh addresses embark on massive token withdrawals from Binance.
  • Large withdrawals may signal bullish outlook for affected tokens.

Prominent crypto-tracking platform Lookonchain has identified several notable transactions involving cryptocurrencies within the Ethereum ecosystem. In a recent post on X, Lookonchain highlighted that crypto whales are withdrawing LDO, AAVE, UNI, LINK, and ENS in significant volumes from centralized exchanges.

According to Lookonchain’s alerts, a newly created address withdrew 82,040 ENS tokens from the Binance cryptocurrency exchange four days after its creation. At the time of the transaction, the withdrawn tokens were valued at $1.98 million.

In a similar vein, another new address created four days ago withdrew 214,465 UNI tokens, equivalent to $1.97 million, from Binance. Lookonchain noted a one-hour interval between the withdrawals. However, the tracker did not specify whether the same individual or group executed both transactions.

Further reports from Lookonchain revealed that older addresses created five days ago also engaged in substantial crypto withdrawals. One address withdrew 19,771 AAVE tokens, worth $1.97 million, from Binance, while another withdrew 19,991 units of the same token, equivalent to $2 million from the same exchange, almost simultaneously.

Another address created just five days earlier withdrew 872,702 LDO tokens worth $2.02 million from Binance, around the same time that another four-day-old address withdrew 602,324 units, equivalent to $1.4 million of the same token.

In the final part of the post, Lookonchain identified two addresses created just hours before the post. The first address withdrew 914,961 LDO, equivalent to $2.12 million, while the other withdrew 65,541 LINK tokens worth $1.13 million from Binance.

Crypto traders often use such insights, as reported by Lookonchain, to gauge whales’ investment habits and anticipate potential market trends. Withdrawing crypto assets from exchanges into dedicated wallets could signal an intention to hold these assets for the long term and suggest a bullish outlook. Thus, many observers of this data may predict an upcoming rally for the affected cryptocurrencies and potentially other tokens in the Ethereum ecosystem.

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