An Ethereum whale who has been inactive for two years recently awoke and deposited over $10M worth of ETH to the Binance exchange.
The whale wallet, which has been dormant since August 2021, transferred 6,087 ETH valued at $10.4 million to Binance a few hours ago. The funds had been sitting idle in the wallet since August 2021.
After the transfer, the Ethereum whale’s wallet held a remaining balance of 6,000 ETH, valued at over $10M million. This means the whale had a total balance of more than $20 million worth of ETH before sending funds to Binance.
Ethereum whale’s major movement happened in August 2021
The last major transaction that happened was on August 11, 2021, which involved the movement of 2,913 Ether to a wallet.
While the motivation behind the whale’s transfer is unknown, there has been no activity observed on Binance in terms of trades being executed. This means the whale likely sent the 6,000 ETH as a preparatory move to have funds ready on the exchange for future trading or withdrawal.
Large crypto holders transferring dormant funds to exchanges has, in some past cases, preceded major market moves. However, whales often have a variety of reasons for shifting assets around.