- The transactions are not driven by panic selling, and the action of whale boosts the similar sell-offs witnessed in the last month.
- Apart from Nexo, which has been very active for the past few days, some prominent sellers in the industry have included the Ethereum Foundation.
- A whale dumped more than 22,740 Ethereum worth $77.7 million into Binance at the beginning of this month.
Recently, a whale stored a massive amount of Ethereum funds to Binance and has now dumped another $17 million to the crypto exchange. The on-chain data has stipulated that the whale is associated with Nexo.
In the recent past, Nexo or wallet addresses associated with the crypto platform have dumped Ethereum into the centralized crypto exchange. It consists of about 18,000 unstaked Ethereum whose worth is estimated to be more than $70.8 million transferred to the exchange on December 13.
The massive dumping
The news and insights provider platform on crypto, Lookonchain revealed that a whale, reportedly associated with Nexo, dumped around 4,946 ETH estimated to be $17.2 million to Binance again in the last hour.
Since December 2, Nexo has dumped around 114,262 $ETH which is around $423.3 million into Binance at an average price of $3,705. In the past few weeks, the Ethereum market has seen a notable dumping.
A whale dumped more than 22,740 Ethereum having a worth of $77.7 million into Binance at the beginning of this month, utilizing the funds to settle a debt of about $170 million or 49,910 Ethereum, also allowed the pass to Binance, the whale withdrew $137.8 million in stablecoins.
At the same time, the transactions are not driven by panic selling, and the action of whales boosts the similar sell-offs witnessed in the last month. A lot of big wallets have deposited Ethereum as the cryptocurrency fought hard to break higher.
Struggle to cross the $4k mark
After the price of Bitcoin slumped from its all-time high of $108k recorded on December 17, Ethereum also went down below $3,200. ETH is really making a strong push to go over the $4,000 mark. However, some addresses took the cash, which led to a slumping down of prices and struggling deluging bulls.
Apart from Nexo, which has been very active for the past few days, some prominent sellers in the industry have included the Ethereum Foundation. The founder of Tron, Justin Sun has also been witnessed being fierce.
Regardless of the dumping, the price of Ethereum is still flexible hovering above $3k. At press time, the price of ETH is $3,372, around 3.22% low in the last 24 hours. The current market capitalization is $406.6 billion.
