- Whales withdrew 14,217 ETH worth $28.95 million from Binance after Ethereum surged above $2,000.
- Aave saw $12M USDT borrowed by whales, reflecting their strategy to retain liquidity while leveraging ETH.
- Despite recent price drops, Ethereum’s market volume increased by 48.67% to $18.86 billion.
Three whales collectively withdrew 14,217 ETH, valued at $28.95 million, from Binance over the past nine hours. According to the Spot On Chain post on X, the withdrawals came after Ethereum reclaimed the $2,000 mark, with the average withdrawal price pegged at $2,036 per ETH.
Ethereum Reclaims $2,000 as Borrowing Shifts to Aave
A major price rise of Ethereum beyond $2,000 provided an optimal moment for whales to execute their trading strategy. The three whales executed rapid withdrawals that took a big amount of ETH from Binance after the price exceeded $2000.
The entire withdrawal reached a total worth of $28.95 million. The whales demonstrated confidence in Ethereum’s price recovery by taking advantage of its upward trajectory. After the ETH withdrawals, the whales utilized the funds to borrow 12 million USDT on Aave.
Aave, a decentralized finance platform, enables users to borrow and lend assets like USDT in exchange for collateral. The decision to borrow USDT, a stablecoin, suggests the whales are looking to maintain liquidity while leveraging their Ethereum assets.
Depositing Stablecoins Back to Exchanges
Following the borrowing of USDT, the whales deposited the stablecoins back to both Binance and OKX, two major cryptocurrency exchanges. These deposits may be intended to take advantage of further trading opportunities or provide liquidity to the markets.
Data from CoinMarketCap demonstrates that ETH currently trades at $1,984.55 with a corresponding decrease of 1.17% during the time of analysis. Current market valuation for AAVE shows a decline to $174.02 while keeping a 2.99% drop.
The trading volume of Ethereum has reached $18.86 billion during the 24-hour period with a 48.67% increase. In the identical timeframe the trading volume for AAVE totaled $19.04 billion. At present Ethereum holds $239.76 billion in market capitalization and it has 120.62 million ETH available in its supply. The analysis period revealed declining value trends for both tokens that demonstrate market movement behavior.
