Whale Moves $33 Million Worth Of ETH To Binance; Is Ethereum Price In Danger?

Ever since Ethereum’s price broke out of its multi-month phase of consolidation on March 10, the altcoin with the largest market cap has gotten off to a blazing start, contributing to a meteoric rise in its value. The flagship cryptocurrency earned itself a sweet price gain today as it broke beyond the $1800 threshold on Saturday. However, according to recent market data, about 18,657 ETH has been caught transferring to the Binance exchange, which casts doubts on a potential sale taking place, resulting in a price slump for Ethereum.

$33 Million ETH Transferred

In a recent development in the crypto market, massive amounts of ETH tokens were seen to be transferred in one go on late Saturday noon. According to blockchain data, an unknown wallet transferred 18,657 ETH tokens, which translates close to 33,130,424 USD to Binance, the world’s largest crypto exchange by market share.

The unknown wallet, supposedly of an affluent whale, initiated the transaction at 1:30 AM ET which cost him a mere $1 as a transaction fee on the Ethereum blockchain. In most cases, when such large amounts of tokens are transferred to an exchange, it is usually an indication of a prospective sell activity, which drives down the prices of that cryptocurrency. Ho