A Whale Makes a Massive Ethereum Withdrawal from Bitfinex and Transfers to Binance
SpotOnChain, a well-known on-chain analytics provider, recently reported a significant event in the crypto market. An Ethereum whale, believed to be Abraxas Capital, has withdrawn a substantial amount of $ETH over the past 17 hours. SpotOnChain shared this information through its official account on the social media platform X.
According to SpotOnChain, the whale, likely Abraxas Capital, redeemed approximately 60,000 $ETH during the mentioned time frame. This amounts to a staggering $203 million. Additionally, SpotOnChain disclosed the source of this withdrawal.
The analytics company revealed that the whale obtained the $ETH tokens from Bitfinex, one of the oldest operating crypto exchanges. Established in 2012 under iFinex Inc., Bitfinex is also the owner of the largest stablecoin, Tether ($USDT). Known for offering substantial liquidity for Bitcoin pairs, Bitfinex also supports popular altcoins like $XMR and $ETH.
After the withdrawal, the whale lent the tokens to Spark in exchange for $119 million in stablecoins. Subsequently, the whale deposited these coins into the leading crypto exchange, Binance. As a result, the price of the $ETH token experienced a 3% increase within the 17-hour period. This suggests that the whale gained $6.27 million in unrealized profits.
Tags: Ethereum, Exchange
