A Notable Crypto Whale Transfers Ethereum from Bitfinex to Binance
In a recent development reported by SpotOnChain, a prominent provider of on-chain analytics, a whale known as Abraxas Capital has made a substantial move in the crypto market. Over the course of 17 hours, this whale withdrew a staggering 60,000 units of Ethereum (ETH) from the popular exchange Bitfinex. This withdrawal is estimated to be worth around $203 million.
SpotOnChain, in its report, also shed light on the origin of this massive transfer. The ETH tokens were taken out of Bitfinex, which has been operating as one of the oldest cryptocurrency exchanges since 2012 under the ownership of iFinex Inc. The exchange is also affiliated with the largest stablecoin, Tether (USDT). Bitfinex is well-known for providing ample liquidity for various Bitcoin pairs as well as other renowned altcoins like Monero (XMR) and Ethereum (ETH).
After withdrawing the tokens, the whale proceeded to lend them to Spark in exchange for $119 million worth of stablecoins. Subsequently, the whale deposited these stablecoins into the prominent crypto exchange, Binance. As a result of this significant transaction, the price of Ethereum (ETH) experienced a 3% increase over the course of 17 hours. Based on this price surge, the whale managed to accrue unrealized profits amounting to $6.27 million.
Tags: Ethereum, Exchange