Unknown Wallet Deposits 260000 ETH Worth $434 Million on Binance

Ethereum / TetherUS (BINANCE:ETHUSDT)

BINANCE:ETHUSDT Ethereum / TetherUS

trendanalysis beyondta eth ethereum yaser_rahmati financial_advisor cryptocurrency whale whale_alert

An unknown investor has made a huge transfer of ETH to Binance.

Cryptocurrency whale tracking platform, Whale Alert, has observed the movement of a massive amount of Ethereum (ETH) to Binance, the world’s largest crypto exchange.

According to blockchain data shared by Whale Alert, a total of 260,000 Ethereum were deposited on Binance in the hours leading up to press time.

When the transaction was made, the 260,000 ETH were worth approximately $434.18 million.

Not Surprising

It is not surprising to see a whopping amount of ETH deposited to Binance. Ethereum is expected to undergo a significant upgrade, ultimately leading to the network’s transition from a Proof-of-Work algorithm to a Proof-of-Stake.

The Ethereum team has speculated that the Merge will occur around September 13 – 15, 2022. With the upgrade happening soon, the price of Ethereum is expected to fluctuate heavily in the hours leading up to the upgrade as investors may favor the “sell the news” phenomenon.