Ethereum whales have been active in recent weeks, with a notable whale related to Nexo offloading a significant amount of funds to Binance. The whale deposited 4,946 ETH, worth approximately $17.2 million, to the crypto exchange, marking the latest in a series of large transactions.

Ethereum Whale Activity on Binance

According to on-chain data, the whale has deposited a total of 114,262 ETH, valued at around $423.3 million, into Binance since December 2. This includes a substantial 18,000 unstaked Ethereum, worth over $70.8 million, moved to the exchange on December 13.

A whale (related to #Nexo) deposited 4,946 $ETH ($17.2M) to #Binance again in the past hour. Since Dec 2, #Nexo has deposited a total of 114,262 $ETH ($423.3M) into #Binance at an average price of $3,705.

Recent Ethereum Market Trends

The Ethereum market has witnessed significant offloading by whales in recent weeks. This includes a whale depositing over 22,740 ETH, worth $77.7 million, into Binance earlier this month to settle debt. Additionally, $170 million, or 49,910 ETH, was also moved to the exchange, with the involved whale cashing out $137.8 million in stablecoins.

While these transactions may not be indicative of panic selling, they contribute to similar sell-offs seen in the past month. Several large wallets have dumped ETH as the altcoin struggled to break higher, with the Ethereum price retreating below $3,200 following Bitcoin’s decline from its all-time high above $108,000.

Notable Sellers in the Ethereum Market

Aside from Nexo, other notable sellers in the Ethereum market include the Ethereum Foundation and Justin Sun, the founder of Tron. Despite the offloading, ETH’s price remains resilient, hovering around $3,448 at the time of writing, down approximately 1.2% in the past 24 hours.

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