A huge crypto whale unloaded nearly $505 million worth of Ethereum (ETH) to Binance in a single transfer on Monday.
Blockchain tracker Whale Alert first noted the transaction, which only cost about 0.00183 ETH (worth roughly $3.38).
Crypto analytics firm Santiment says the move represents one of the largest self-custody-to-exchange transfers in the past five years.
“With a $505 million transfer of Ethereum tokens on to Binance today, this is one of the largest self-custody to exchange transfers in 5 years. It also spiked the ETH network to its largest daily exchange supply increase since the day before the merge.”
It wasn’t the only unknown wallet to move a huge amount of Ethereum onto an exchange this week.
A separate address sent roughly 77,482.16 ETH across six separate transactions to a handful of different Coinbase addresses over a 12-hour period on Monday, according to Etherscan. Whale Alert first reported on the transactions.
With ETH trading at $1,873 at time of writing, those six Coinbase transactions are currently worth a total of $145.35 million.
Ethereum is up 3.31% in the past 24 hours and nearly 1.74% in the past seven days. The second-ranked crypto asset by market cap is also up more than 56% since the start of 2023, though it remains more than 61% down from its all-time high of $4,878, which it hit in November 2021.
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney