A massive crypto whale offloaded nearly $505 million worth of Ethereum (ETH) to Binance in a single transfer on Monday.
Blockchain tracker Whale Alert first noted the transaction, which cost only about 0.00183 ETH (worth about $3.38).
Crypto analytics company Santiment say the move represents one of the largest transfers from self-custody to exchange in the past five years.
“With a transfer of $505 million in Ethereum tokens to Binance today, this is one of the largest self-deposit to exchange transfers in 5 years. It also spiked the ETH network to the largest daily increase in exchange supply since the day before the merger.
It wasn’t the only unknown wallet to move a massive amount of Ethereum onto an exchange this week.
A separate address sent approximately 77,482.16 ETH over six separate transactions to a handful of different Coinbase addresses over a 12-hour period Monday, according to Ether scan. Whale Alert first reported on the transactions.
With ETH trading at $1,873 at the time of writing, those six Coinbase transactions are currently worth a total of $145.35 million.
Ethereum is up 3.31% in the last 24 hours and nearly 1.74% in the last 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% lower than its all-time high of $4,878, which it reached in November 2021 .
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