Crypto Whale has just pulled Ethereum worth $ 265 million from Binance

What happened: An Ethereum whale (CRYPTO: ETH) sent Ethereum worth $ 264,996,432 from Binance today.

The ETH address associated with this transaction was identified as follows: 0x4976a4a02f38326660d17bf34b431dc6e2eb2327

Why it matters: Whales usually send cryptocurrencies from exchanges when planning to hold their investments for an extended period of time. Storing large sums of money on an exchange presents an additional risk of theft, as exchange wallets are the most desirable target for cryptocurrency hackers.

Ethereum whales that operate their own validation nodes (which each cost 32 ETH) must send their ether to the Ethereum 2.0 beacon chain, which will then be blocked until Ethereum 2.0 launches in 2022.

According to Glassnode, only 12.46% of the total supply remains liquid across all centralized exchanges.

Removing ETH from an exchange reduces potential pressure on the sell side, which makes it easier for the price of Ether to go up.

See also: Best crypto apps 2021 and best crypto portfolio trackers

Price action: Ethereum is down -5.66% in the past 24 hours.

See also: How to Buy Ethereum

Public blockchain data comes from Whale Alerts Twitter.

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