Binance Seeing Ethereum Whales Outflow: What’s Happening?

Binance has experienced significant outflows: 14,146 ETH, valued at approximately $46.74 million, within 24 hours. Notably, a fresh wallet also extracted 95.67 million USDT along with 7,402 ETH, equating to around $23.3 million. The activity mirrors the withdrawal patterns of two other wallets known for moving large quantities of ETH and stablecoins off the platform.

The smart money tracking service Lookonchain even raised a question: Could these transactions be linked to Justin Sun, known for his substantial funds movements, or are they simply routine redistributions? While the identity of the wallet owners remains unconfirmed, the movement of such large sums is not necessarily an alarm signal. It is often a simple transfer of funds.ETHUSD Chart by TradingView

Recently, Binance has been witnessing continuous outflows and a dip in market share. This could suggest a trend of whales gradually reducing their presence on the exchange. It is important to consider these movements within the market’s current tendencies.

Ethereum price chart suggests the second-biggest currency is currently in a mixed position. Ethereum’s price appears to be consolidating with current support at the $2,900 level. If there is a potential growth scenario toward resistance at $3,400, ETH would need to maintain the current pace. A break beyond that could see Ethereum challenging higher levels, possibly around the $3,650 mark.

However, if support at $2,900 is breached, Ethereum might face a slide toward the next support region near $2,800. Whales’ actions, like those possibly associated with Justin Sun, can influence market sentiment, but the price chart suggests a steadiness that may not be easily swayed by individual transactions, regardless of their size.

While the outflows from Binance and market share reduction could be part of a funds redistribution by large-scale investors, Ethereum’s technical indicators and support levels remain mixed.