Whale Alert: Why are $100 Million ETH on Their Way to Binance

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In a very interesting development, an enormous Ethereum (ETH) transaction that included 707,112 ETH ($99,383,302) was discovered today, on February 25th, at 06:31:35 AM +UTC., heading from an unknown wallet to another Binance wallet. The transaction in question was identified by the Twitter account Whale Alert almost immediately!

As touched on above,no one knows for sure who deposited the funds, which understandably lit the fuse for some intense speculations. But before the world gets excited of a pending change in the market fortunes, one of the most agreed on theories so far is that it was actually Binance who transferred the funds themselves.

So then, did Binance move the funds?

Despite the fact that it can be hinted at that this could be a sell-off from among the whales, the more probable concept is that biggest exchange in the world simply relocated the funds itself, although the factors behind the transfer are not known.

This is not the initial transaction in between this particular wallet and Binance. A lot of the previous activities of the unknown wallet included settlements being sent out to a number of wallets which are held by Binance. Because of this, many are now persuaded that the unidentified wallet is one of Binance’s cold stores. It seems as though the more we discuss the transaction, the more questions appear on it’s meaning.

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One of the comments at the wallet’s Etherscan page, Source: Etherscan.com

It would  certainly not shock anyone with knowledge in the game, that the largest cryptocurrency exchange worldwide turned out to have cold wallets that were previously unidentified, which in turn adds more weight to the theory. Nonetheless, as pointed out, the reason for the transaction continues to be unidentified as well, if Binance lags it. Otherwise, this could be accurately seen as whale activity, although that seems unlikely now.

The unidentified wallet has seen a good quantity of task in the past six months. The 2nd most considerable quantity included precisely 888,888 ETH, and it took place over 4 months back. There are additionally three massive transactions with an overall amount of 381,000 ETH. The various other transactions consisted of percentages, commonly much less than 1 ETH.

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