Three crypto whales have withdrawn more than $150 million worth of Ethereum (ETH) from crypto exchanges Binance and Kraken in the past week.
According to the blockchain tracker, all three addresses were newly created wallets Look at chain.
The first whale pulled 35,860 ETH worth more than $64 million from Binance over a series of transactions.
The second pulled 27,000 Ethereum worth more than $48 million from Binance over four withdrawals.
And the third wallet withdrew 23,660 ETH worth more than $42 million from Kraken over five transactions.
The withdrawals may be a reflection of traders choosing to keep their crypto in-house amid the recent regulatory crackdown on the US digital asset sector.
Earlier this month, the US Securities and Exchange Commission (SEC) sued Binance, the largest global crypto exchange by trading volume, and the company’s CEO, Changpeng Zhao, for allegedly violating securities laws.
A day later, the SEC also sued Coinbase, alleging the largest U.S. crypto exchange had operated as an unregistered stock exchange, broker, and clearing house.
Despite the regulatory uncertainty, some selected crypto traders continue to make money in the digital asset market. Look at chain notes that one “smart whale” has traded over $6 million in Lido Staked Ether (stETH) in the past three months.
“Bought 27,606 stETH for $1,629 from March 13 to March 15.
Sold 12,746 stETH for $1,937 on April 21.
Bought 15,701 stETH on June 15 for $1,671.
Sold 15,125 stETH for $1,724 on June 19.”
Ethereum is trading at USD 1,787 at the time of writing. The second-ranked crypto asset by market capitalization is up nearly 3% in the past 24 hours.
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