Metalpha Deposits Ethereum to Binance as ETH Recovers

Metalpha Deposits 10K Ethereum to Binance Amid Whale Activity

Hong Kong-based asset management firm, Metalpha, has recently made a significant Ethereum deposit to Binance. According to LookOnchain, the company moved 10,000 Ethereum tokens, worth $23.45 million, during the early Asian hours. The deposit was made to a wallet linked to Binance with the address “0x667”. This activity marks the latest in a series of Ethereum transactions made by Metalpha over the past four days.

In total, Metalpha has transferred 33,589 Ethereum, valued at $77.59 million, to Binance within this period. On September 9, the firm also deposited another 10,000 ETH to Binance, as reported by Arkham Intelligence. Currently, Metalpha holds 643.8 Ethereum, worth approximately $1.51 million.

Whale Activity and Market Speculation

The Ethereum transactions by Metalpha have drawn significant market attention, especially as the motive behind these transfers remains unclear. In addition to its deposits, Metalpha received 5,154 ETH from a Binance Hot Wallet (address “0x497”) within the last hour, further fueling market speculations.

Whale movements are often associated with price shifts in the crypto market. Alongside Metalpha, other Ethereum whales have also been active. WhaleAlert reported that one large holder, associated with the address “0x238,” transferred 14,588 ETH worth $34.2 million to Coinbase.

Ethereum Price Recovery Signals

Ethereum’s price has shown signs of recovery, following a recent decline. According to CMC data, the altcoin recorded a 2.68% daily price increase, returning to the $2,346 level after hitting an intraday low of $2,274. Despite the positive price movement, Ethereum has seen a 6.98% decline over the past seven days, having started the week at a high of $2,523.

If Ethereum can maintain its upward momentum, analysts believe a more sustained price recovery may be on the horizon.

Recent Ethereum Movements

• Metalpha Deposits: 33,589 ETH deposited to Binance, worth $77.59 million.
• Vitalik Buterin Movements: Ethereum co-founder Vitalik Buterin moved a significant amount of ETH, sparking speculation as his wallets went on a selling spree.
• Whale Transfers: A whale associated with “0x238” transferred 14,588 ETH to Coinbase, valued at $34.2 million.

The recent Ethereum movements, including those by whales and high-profile individuals like Vitalik Buterin, have added to the growing market buzz surrounding ETH’s future price trajectory.