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Binance experienced a significant outflow of 14,146 ETH, worth approximately $46.74 million, within 24 hours. Notably, the new wallet also extracted 95.67 million USDT and 7,402 ETH, which is equivalent to approximately $23.3 million. This activity mirrors the withdrawal patterns of two other wallets known for moving large amounts of ETH and stablecoins off the platform.
Smart money tracking service Lookonchain even asks the question, “Could these transactions be related to Justin Sun, who is known for moving large sums of money, or are they just routine redistributions?” I raised it. Although the identity of the wallet owner remains unconfirmed, the movement of such large amounts of funds is not necessarily a red flag. Often it's a simple transfer of funds.
Recently, Binance has been witnessing continuous outflows and declining market share. This may indicate a trend of whales gradually reducing their presence on exchanges. It is important to consider these movements within the current trends of the market.
Ethereum’s price chart suggests that the second-largest currency is currently in a mixed situation. Ethereum price appears to be settling at the current support at the $2,900 level. ETH will need to maintain its current pace if there is a potential growth scenario towards the $3,400 resistance. Beyond that, Ethereum could challenge higher levels, perhaps around the $3,650 mark.
However, if the support at $2,900 is broken, Ethereum could fall towards the next support area around $2,800. Whale actions can influence market sentiment, perhaps similar to the one related to Justin Sun, but price charts may not easily fluctuate due to individual trades, regardless of their size. It suggests stability.
The outflow of funds from Binance and reduction in market share may be part of capital redistribution by large investors, but Ethereum’s technical indicators and support levels remain mixed.
About the author
Armand Sirignan
