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A whale that recently deposited a large amount of ethereum funds on Binance has offloaded another $17 million to the crypto exchange.
The whale is related to Nexo, as indicated by on-chain data.
In recent days, Nexo or wallet addresses related to the crypto platform have deposited eth on the centralized crypto exchange. It includes 18,000 unstaked ethereum worth over $70.8 million transferred to the exchange on December 13.
“A whale (related to #Nexo) deposited 4,946 $eth ($17.2 million) on #Binance again in the last hour. Since December 2, #Nexo has deposited a total of 114,262 $eth ($423.3 million) on #Binance at an average price of $3,705.”
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The ethereum market has witnessed a major whale dump in recent weeks.
A whale deposited over 22,740 eth worth $77.7 million on Binance earlier this month, using the funds to pay off debts. $170 million, or 49,910 eth, also landed on Binance, the whale involved cashing out $137.8 million in stablecoins.
While the transactions are not a huge panic sale, the whale's behavior adds to similar sell-offs seen in the last month.
Several large wallets have dumped eth as the altcoin struggled to rise higher.
With btc price retreating from its all-time high above $108,000, ethereum fell below $3,200. Previous gains of nearly $4,000 provided an opportunity for profit. Some addresses held on to the cash, contributing to the decline and the fight that engulfed the bulls.
In addition to Nexo, which has been active in recent days, some notable sellers have included the ethereum Foundation. Justin Sun, the founder of Tron, has also been aggressive.
Despite the dump, eth price remains resilient, above $3,000. At the time of writing it was around $3,448, down about 1.2% in the last 24 hours.
