Whales collected hundreds of millions of dollars in Ethereum ETH/USD, capitalizing on the world’s second-largest cryptocurrency’s subdued rates.
What Happened: Two substantial Ethereum withdrawals from cryptocurrency exchanges were reported by on-chain tracking platform Lookonchain in a Monday X post.
The first withdrawal involved 56,909 ETH, worth 151.6 million, from Binance, while the second whale accumulated a combined 64,603 ETH, valued at $171.8 million, from Binance and Bitfinex. Both transactions occurred within a 48-hour window.
These withdrawals were part of a market-wide phenomenon, as Ethereum recorded net exchange outflows of over $51 million in the last 24 hours, according to data from IntoTheBlock. Typically, when more funds exit exchanges than they enter, it suggests a bullish outlook.
Additionally, a 16% jump in transactions valued over $100,000 indicated a renewed interest among whale investors in accumulating ETH.
See Also: Man Whose $775 Million Bitcoin Fortune Lies Buried In A Landfill Now Wants To Buy The Trash Heap
Why It Matters: The accumulation by large investors comes at a time when Wall Street hedge funds have been increasingly betting against ETH. A report suggested that the short positioning has surged by 40% in a week’s time and 500% since November.
ETH was also the least popular of the three largest cryptocurrencies, according to Google Trends data, with Bitcoin BTC/USD and XRP XRP/USD generating much higher search interest.
Interestingly, Eric Trump, President Donald Trump’s son, suggested last week on X that "it's a great time to add ETH," potentially influencing decisions of certain players.
Price Action: At the time of writing, Ethereum was exchanging hands at $2,716.83, up 3.25% in the last 24 hours, according to data from Benzinga Pro. Year-to-date, the coin has endured losses of over 18%.
Image via Shutterstock
Read Next:
© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
