Large Ethereum Whale Moves $469M Worth of ETH from Arbitrum to Binance

An unidentified whale address has recently transferred 200,000 Ethereum (ETH) valued at approximately $469 million from the Arbitrum network to the cryptocurrency exchange Binance. The movements were detected by the blockchain tracker Whale Alert and took place through six transactions within the last 24 hours. The process involved moving the assets from Arbitrum to the Ethereum network via the Arbitrum Bridge and subsequently sending them to exchanges.

The initial transaction involved the whale wallet, identified as 0xe…abb, withdrawing precisely 80,000 ETH tokens ($188.5 million) from Arbitrum to Ethereum through the Arbitrum Bridge at 13:38 UTC. Notably, the 80,000 ETH tokens were transferred within the same whale address across the two chains. Shortly after, 0xe…abb transferred 79,999 ETH from the recent batch to a Binance wallet at 13:42 UTC.

Following a brief pause, the address 0xe…abb repeated similar transactions after a period of inactivity. It withdrew another 80,000 ETH from Arbitrum to Ethereum at 17:08 UTC and subsequently transferred 79,999 ETH to the same Binance wallet four minutes later. The whale address then moved 40,000 ETH worth $93.98 million from Arbitrum to Ethereum at 12:08 UTC, followed by a transfer of 39,999 ETH to Binance four hours later.

The total assets moved by the whale address now amount to 200,000 ETH valued at $496 million since the previous day. The source of the funds and the purpose behind these transactions remain uncertain. Data from Arbiscan, the Arbitrum block explorer, indicates that the whale address has been engaged in similar movements since August 6, primarily bridging assets to Ethereum and transferring them to Binance.

Additional data suggests that the whale address was established and funded by a Binance wallet, leading to speculation that it may be linked to Binance itself. This implies that the recent movements could be related to an internal fund transfer within Binance rather than deposits for trading purposes.

It is essential to note that this article serves as informative content and should not be construed as financial advice. The opinions expressed are solely those of the author and do not necessarily reflect the views of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions, as The Crypto Basic holds no responsibility for any financial losses.