Ethereum whale dumps another $17m ETH

A whale who recently deposited a large amount of Ethereum funds to Binance transferred another $17 million to the crypto exchange.

It is stated that the whale is related to Nexo, as indicated in on-chain data.

Recently, Nexo or wallet addresses connected to the crypto platform deposited ETH to the centralized crypto exchange. This includes 18,000 unstake Ethereum worth over $70.8 million, which moved to the exchange on December 13.

“A whale affiliated with #Nexo deposited $4,946 ETH ($17.2 million) back to #Binance in the past hour. Since December 2, #Nexo has deposited a total of $114,262 ETH ($423.3 million) on #Binance at an average price of $3,705.”

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The Ethereum market has witnessed significant offloading by whales in recent weeks.

A whale deposited 22,740 ETH worth $77.7 million on Binance earlier this month and used the money to pay off his debt. $170 million or 49,910 ETH also arrived on Binance; The whale converted $137.8 million into cash as stablecoin.

While the transactions are not quite panic selling, the whale’s behavior is contributing to similar selling seen last month.

A number of major wallets abandoned ETH as the altcoin struggled to rise.

Ethereum fell below $3,200 as BTC price pulled back from its all-time high at $108,000. Previous gains of nearly $4,000 provided an opportunity to take profits. Some addresses took the money, contributing to the decline and struggle that engulfed the bulls.

Apart from Nexo, which has been operating in recent days, Ethereum Foundation was among some noteworthy sellers. Tron founder Justin Sun has also been aggressive.

Despite the dump, ETH price remains resilient above $3,000. At the time of writing, it was hovering around $3,448, down about 1.2% in the last 24 hours.