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Binance Sees $50M Ethereum Withdrawal: What’s Behind the Move?

Published 04/15/2024, 10:32 PM
Updated 04/15/2024, 10:45 PM
© Reuters. Binance Sees $50M Ethereum Withdrawal: What’s Behind the Move?

  • Ethereum price rebounds past $3,150 after a significant dip below $3,000.

  • A Matrixport-associated wallet withdraws $51.1 million worth of ETH from Binance.

  • Since March 29, this wallet has withdrawn 67,286 ETH worth $228 million.

In a significant market move, Ethereum (ETH) prices rebounded strongly to surpass the $3,150 mark. This recovery occurred shortly after a dip below $3,000 amid escalating tensions between Israel and Iran. The price increase aligns with large-scale acquisitions by major investors.

Recent data from Etherscan indicates a notable transaction involving the withdrawal of 16,300 ETH from Binance. This transaction, worth approximately $51.1 million, links to a wallet associated with Matrixport. The event took place just 20 minutes before reporting and has added to a series of withdrawals from the same wallet since March 29. To date, this wallet has moved a total of 67,286 ETH, valued at $228.33 million, from exchanges.

The average price for these transactions is $3,393.5 per ETH. Matrixport’s consistent withdrawal pattern may point to strategic market maneuvers. It could indicate an anticipation of higher ETH prices or a move towards gre…

The post Binance Sees $50M Ethereum Withdrawal: What’s Behind the Move? appeared first on Coin Edition.

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