60,000 ETH Suddenly Bought on Binance Before ETH Suspension, Community Stunned

Cryptocurrency community is abuzz, discussing recent massive ETH withdrawal from Binance exchange

According to a recent tweet published by prominent blockchain sleuth Whale Alert, which tracks down large cryptocurrency transfers, a staggering amount of Ethereum was purchased on Binance by an anonymous crypto wallet owner.

Unknown whale grabs $240 million in ETH

The crypto community is abuzz, discussing this transaction and the size of the transfer, which comes really close to $200 million in fiat equivalent.

The mysterious whale has withdrawn a whopping 50,000 ETH from Binance to their unregistered wallet, according to the aforementioned data source. This amount of ETH is evaluated at $192,569,042.

Another massive withdrawal of Ethereum from the same platform took place earlier today, and it was 10,000 ETH, valued at $39,768,424.

As reported by U.Today earlier, Binance addressed the cryptocurrency community, warning it of an approaching brief deposit and withdrawal operations with Ethereum.

It started on May 29 at 7:00 a.m. UTC to perform maintenance on the Ethereum wallet. Once the process is completed, withdrawals and deposits will resume, the Binance blog post said.

ETH trades sideways since ETF approval

Last week, the crypto community was stirred by the sudden news that the U.S. Securities and Exchange Commission (SEC) gave the green light to the spot Ethereum ETF filings submitted by the same companies that had filed for spot Bitcoin ETFs before that.

Ethereum-based exchange-traded funds have obtained preliminary approval so far. The final decision of the regulator is expected to take place in June, when the SEC meeting takes place. However, the community now expects a positive outcome, considering the preliminary decision on this issue.

Prominent Bitcoin maximalist Michael Saylor stated that this approval of ETH funds can be good for BTC in the long run, serving as “another line of defense for Bitcoin.”

The Ethereum price began to rise three days before the approval took place. On May 20, the second largest cryptocurrency jumped a whopping 19.45% – from $3,090 to the $3,690 price tag. Since then, ETH has been trading sideways, moving within the $3,700 lower and the $3,820 upper boundary. On Sunday, ETH made an attempt to break out, rising to the $3,957 peak (+5.83%) within three days. This rise was followed by a 3.56% decline. At the time of this writing, ETH is changing hands at $3,816.

About the author

Yuri is interested in technology and technical innovations. He has been writing about DLT and crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. He has written for multiple crypto media outlets.

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.